Oral Answers to Questions

Stephanie Peacock Excerpts

Tuesday 14th November 2023 Commons Chamber

[Gareth Davies]

It was a great pleasure to visit my hon. Friend and open the Darlington Building Society in his town, a very prominent business that is important for in-service banking facilities. The Darlington campus is an important part of our Treasury levelling-up agenda and long may that continue.

[Stephanie Peacock (Barnsley East) (Lab)]

T8. More than 3 million households in the UK owe an estimated £2.7 billion in the unregulated buy now, pay later sector. The Labour party has set out plans for urgent regulation of the sector. Can the Minister confirm when the Government will do the same?

[Bim Afolami]

This is a complicated area of regulation and we are looking at it very closely. The consultation closed in April and we are working on it because it is very important we get it right, but I hear the hon. Lady’s concerns and will update the House in due course.