Finance (No. 3) Bill

Debate between Chris Leslie and Tracey Crouch

Monday 4th July 2011 Commons Chamber

[Chris Leslie]

I am sorry that the Financial Secretary has taken that attitude to the new clause, which is pretty innocuous in calling for a review. We have not put specific proposals in it, because we thought that in the spirit of cross-party working it would be useful to set up provisions to allow the Treasury and the OFT, working together in harmony, to work through the options and possible policy devices. Asking for a review on an extremely serious issue such as this is a bit like motherhood and apple pie; it really should not be objected to.

[Tracey Crouch]

rose—

[Chris Leslie]

I am sure the hon. Lady will not object to a review.

--- Later in debate ---

[Tracey Crouch]

Will the hon. Gentleman acknowledge that a review is already under way, and that all these issues are being considered as we speak? The new clause would serve only to delay the outcome of that review.

[Chris Leslie]

I must correct the hon. Lady. I know that there is a review of sorts going on, but it relates to credit card lending and high bank charges on lending. The letter that my hon. Friend the Member for Walthamstow (Stella Creasy) received in May from the Under-Secretary said that the high-cost credit market

“was not specifically included in the call for evidence”

for the current review. That was what the letter of 25 May said—from the same Minister, incidentally, who refused to meet my hon. Friend.

The Financial Secretary is far too relaxed about this issue, and the Government are not exercised enough about it.