Business of the House

Jessica Morden Excerpts

Thursday 10th December 2020 Commons Chamber

[Jessica Morden (Newport East) (Lab)]

Please may we have a debate on the fast growth of the buy now, pay later sector, as highlighted this week by Martin Lewis in the Treasury Committee? These firms are targeting predominantly under-30s who in the run-up to Christmas are shopping online with what is an explosive form of credit that may leave many in debt. Even some in the industry acknowledge that this form of credit needs to be regulated.

[Mr Rees-Mogg]

The hon. Lady once again raises a really important issue at business questions and I am grateful to her. Whenever new forms of credit come along, they often produce risks that people are not aware of until some time has passed, at which point it is too late to do anything. So I think looking at these things early on is important. From the Government’s point of view, we had better wait for the Treasury Committee’s report to see what it recommends in this direction, but she is right to highlight the risks of credit, particularly to younger people.