Credit Lending And Social Exclusion

EDM number 252 in 1998-99, proposed by Evan Harris on 27/01/1999.

That this House notes the failure of the current extortionate credit provisions within the Consumer Credit Act 1974 to prevent lenders, often in the door to door market, from extracting extremely high interest charges from those people often least able to pay; recognises that the Office of Fair Trading reported on this failure in 1991 and is now about to present again the recommendations of the 1991 report to the Department of Trade and Industry; believes that the wider issues of financial exclusion and the failure of the Social Fund to provide grants for essential items to many of the United Kingdom's poorest families, should also be considered alongside the OFT recommendations; notes the existence in other European countries of systems which combine better social lending provision with interest rate ceilings; and strongly urges the Government to look in detail at this issue by incorporating it within the work plan of the Social Exclusion Unit and by making time available for parliamentary debate.

This motion has been signed by a total of 91 MPs, 1 of these signatures have been withdrawn.