Consumer and Personal Debt

Lord Sharkey Excerpts

Monday 23rd October 2017 Lords Chamber

[Lord Bates]

Certainly it is correct that the Financial Guidance and Claims Bill will introduce a number of measures that will improve the service for debt advice to those in greatest need. We stand by our commitment on the breathing space, which was in our manifesto and the manifesto of the noble Baroness’s party. We will bring forward measures to deal with it, which underscores the importance we place on dealing with debt, particularly among young people.

[Lord Sharkey (LD)]

My Lords, as people reach or exceed safe borrowing limits, how do the Government expect them to cope with the continued rise in the cost of living and the continued decline in real wages?

[Lord Bates]

The Financial Conduct Authority placed a duty on banks to make sure that lending is on a sustainable basis. In the wider area, it is also important that we maintain the strong and vibrant economy that has record numbers of people in work and record low levels of unemployment. Those things are the greatest help to people’s ability to service debt and are therefore the primary focus of our attention.