Payday Loans
Debate between Viscount Younger of Leckie and Baroness Kramer
Viscount Younger of Leckie
The right reverend Prelate is right to point out that we can learn, as ever, from other countries. In the debate last week, my noble friend Lady Kramer made a valuable point about community development finance institutions. In the UK, the Prime Minister announced the co-operatives consolidation Bill in January 2012, and work on drafting the legislation has begun. The focus should be on credit unions and community-based credit access.
Baroness Kramer
My Lords, I am one of those who believe that a cap is workable. Can the Minister give me his assurance that at the summit that issue will be thoroughly discussed and considered and that the Government will not come to a judgment in advance on such a crucial question?
Viscount Younger of Leckie
I am very certain that it will be part of the discussions. I can give no guarantees, but the whole point of the summit is to discuss these important matters further.