Loan Sharks

EDM number 660 in 2010-12, proposed by Lisa Nandy on 06/09/2010.
Categorised under the topics of Financial services and Loans.

That this House believes that the Government should end legal loan sharking by capping the cost of credit for the whole sector, not just for credit and store cards and provide alternative affordable sources of credit through the Post Office network, local credit unions, community development financial institutions, co-operatives and mutuals; acknowledges that the UK's poorest borrowers pay the highest price for credit in Europe; further acknowledges that up to 16,000 of excess profit is made every hour from the sector and that thisisextracting wealth from the poorest communities; and is concerned that the Office of Fair Trading's recommendations, including industry codes of practice and financial education, won't work effectively to reduce prices for consumers.

This motion has been signed by a total of 210 MPs, 2 of these signatures have been withdrawn.