Loan sharks need regulating, East End MP says
MORE regulation of loan sharks who target the poor and then charge exorbitant interest rates is needed, an East End MP has said.
Jim Fitzptrick, MP for Poplar and Limehouse has joined a group of fellow politicians who are campaigning to introduce legislation which will cap high-cost loans.
The Labour MP said: “I’m voting for this motion because it’s time we did something about unsecured lending.
“The rates these paydays lending, home credit and hire purchase companies charge are astronomical and as there’s little competition they get away with it.”
The issue was discussed in the Commons on February 4 but the vote has been delayed until October.
You may also want to watch:
The proposal is to cap the costs of credit rather than interest rates to make sure lenders can’t evade it.
Action has been taken against unscrupulous lenders in other European countries and in America.
- 1 Tribute to 7th Barts Health Trust worker to die of Covid-19
- 2 Teenager found dead in Victoria Park
- 3 Drug and alcohol abuse by Tower Hamlets parents and children soars
- 4 Driver arrested after police 'drugs patrol' stops car in Whitechapel
- 5 Disgraceful management of the pandemic
- 6 Two in five people in Tower Hamlets may have had Covid-19
- 7 'Laptop bonanza' for schoolchildren in Poplar to help survive lockdown gloom
- 8 Pressure on government to provide laptops for lockdown learning
- 9 That's so raven: Everything you need to know about the guardians of the Tower
Almost 50 MPs have signed up to support the motion.