Business of the House

Barry Sheerman Excerpts

Thursday 23rd June 2011 Commons Chamber

[Mr Barry Sheerman (Huddersfield) (Lab/Co-op)]

The Leader of the House will know that the base interest rate is 0.5%. Is he aware that my constituents and others up and down the land are paying 19.1% interest on their credit cards? The failure of the credit card industry to lower its rates in line with the base rate has ripped off our constituents by £500 million. When may we have a debate on the way in which interest rates are ripping off consumers and small businesses?

[Sir George Young]

I understand the hon. Gentleman’s concern at the gap between the base rate and the rate charged by credit card companies and other lending organisations. There will be an opportunity to raise this matter of consumer protection in questions to the Department for Business, Innovation and Skills, as well as in Treasury questions. Alternatively, the hon. Gentleman could apply for a debate on the Adjournment.