Business of the House

Matthew Offord Excerpts

Thursday 8th December 2011 Commons Chamber

[Sir George Young]

We are grateful for the public service announcement. On the hon. Lady’s generous offer to replace me as Leader of the House, I gently point out to her that I have announced six days’ business in the next two weeks, three of which are Opposition days or Backbench Business days. I do not think that she will find a more generous offer in the history of Parliament.

[Mr Matthew Offord (Hendon) (Con)]

Will the Leader of the House consider having a debate on payday loans? It is an area of the financial sector that has not had that much coverage, but yesterday’s report showed that one in six people cannot afford to pay off the principal that they borrow. It seems that this area of the financial sector is acting in a fashion that is little more than loan sharking, particularly given that it preys on the financially vulnerable in our constituencies.

[Sir George Young]

I am grateful to my hon. Friend for reminding the House of the report published yesterday. The Government are concerned about the impact of these high interest rates on the day-to-day life of those on low incomes. He might know that this issue was raised during a debate on 1 December in Westminster Hall. The Government have just commissioned research from Bristol university to find out what the consequences would be of introducing a cap on the interest rates. I hope that that will be available and published in the summer and that it will inform the debate. In the meantime, I urge people to think twice before taking on high-interest loans and to contact the free money advice service, possibly through their citizens advice bureau, or to visit their local credit union, which might be able to help on better terms.