Oral Answers to Questions

Mike Kane Excerpts

Tuesday 29th April 2014 Commons Chamber

[Mike Kane (Wythenshawe and Sale East) (Lab)]

T6. With average wages down, ordinary working people are increasingly being driven into the arms of payday loan lenders with their usurious rates of interest. What measures are the Government taking to give ordinary working people access to fair credit?

[Mr Osborne]

We are introducing a cap on payday lending, and that will be an important—[Interruption.] The shadow Chancellor chuckles. He was the City Minister; he could have taken that decision at any point when he was—[Interruption.]. Why has it taken so long? Labour had 13 years to do these things—13 years when its team were running the Treasury. That is why people will not listen to what they have to say. The answer to the hon. Gentleman’s question is this: by supporting credit unions, capping payday lending and encouraging competition on the high street, we will help his constituents and many others.