Bob Russell
Main Page: Bob Russell (Liberal Democrat - Colchester)Department Debates - View all Bob Russell's debates with the Department for Education
(11 years ago)
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Vince Cable
I do not think that either the Leader of the Opposition or the former Prime Minister has quite got it right, but I have stressed that, for industry, which is our concern in this Department, the way forward is to ensure that energy-intensive industries are properly compensated and enabled to compete on a level playing field, and we are pursuing that.
Sir Bob Russell (Colchester) (LD)
T2. Can the Minister give the House a progress report on how the Government are dealing with the scourge of the payday loan companies?
The Parliamentary Under-Secretary of State for Business, Innovation and Skills (Jo Swinson)
I thank my hon. Friend for that question. He rightly highlights the fact that there have been significant problems in the payday lending industry; thankfully, significant action is also being taken to match that. Twenty-five payday lenders have left the market since March as a result of strong action by the Office of Fair Trading, with the Competition Commission undertaking an investigation, and earlier this month the Financial Conduct Authority published a suite of new proposed rules, which will limit roll-overs, cap the number of times that a lender can use a continuous payment authority and introduce strict new rules on advertising to ensure that people do not get ripped off.