Oral Answers to Questions

Stella Creasy Excerpts

Wednesday 6th March 2013 Commons Chamber

[The Prime Minister]

I am happy to join my hon. Friend in that. The fact is that the economy is rebalancing. We are seeing that in the export figures to some of the fastest growing countries in the world. We see it in the fact that 1 million more people are in private sector jobs. We see it in the fact that the rate of new business creation is the fastest now that it has ever been in our history. We see it in the fact that our economy employs more people now than it has ever done in our history. There is still a long and difficult road to travel, but the deficit is down by a quarter and we are taking the steps we need to take to get the economy moving. But as ever, we have nothing constructive from the Opposition.

[Stella Creasy (Walthamstow) (Lab/Co-op)]

I am delighted to hear the Prime Minister say that he agrees that the payday loan industry is irresponsible. Will he now therefore commit to doing the one thing we know would make a difference and cap the charges of legal loan sharks—yes or no?

[The Prime Minister]

As I have said, the most important thing to do today is to welcome what the Office of Fair Trading is doing, which is putting those companies on notice. It is worth making the point that without an effective regulated sector, there are far more dangers from loan sharks, which is the point that the hon. Lady makes.