Lord Cormack
Main Page: Lord Cormack (Conservative - Life peer)Department Debates - View all Lord Cormack's debates with the Department for Work and Pensions
(12 years, 3 months ago)
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Lord Freud
My Lords, we have made clear that we are prepared to support this industry, but we are determined to support it in such a way that it becomes viable in the long term. We are attacking illegal loans, which are coming down a bit. There are various supports for poorer people, such as payday loans, rent-to-buy and home credit. It is a very complicated picture, but we are determined to push this new factor as hard as we can.
Lord Cormack
My Lords, my noble friend said that the aim is to double from 2 per cent to 4 per cent in between five and seven years. Can we not do better than that? Can we not have a more ambitious aim?
Lord Freud
My Lords, it is very difficult to grow an industry from an organisational base that is not yet viable. We need to make sure that individual institutions are able to handle the growth that we want them to take on. That is not just about money; that is about trying to make the right changes to management and organisation. It is not an easy thing to do.