John Battle MP welcomes Consumer Credit Bill in Queen’s Speech

John welcomed the announcement in this morning’s Queen’s Speech that the Consumer Credit Bill is coming back before Parliament.

Mr Battle said, “I’m delighted that the Bill is returning to Parliament and I’ll be pressing for it to be one of the first Bills we debate. We’ve already done all the hard work on the Bill and a consensus has been reached, not least on the need for measures to tackle extortionate lenders, so I’m optimistic it will go through quickly.

“I am anxious that desperate people who are locked into long-term unsustainable debt should not wait a moment longer for us to take action.

“After 30 years it is time to review and bring up to date the Consumer Credit Act 1974 because the markets have moved on. We must ensure that the Bill provides greater protection for consumers who borrow money, not least the 10% of consumers in Britain who use home credit at some time in their lives—in other words, they pay back their debt through weekly doorstep payments. I want to focus on strengthening protection for low-income borrowers who are at risk from high-cost credit lenders.”

Mr Battle is a longstanding campaigner against unscrupulous lenders, and worked on the Bill in its Committee stage as it went through Parliament. The Bill was passed by the House of Commons but not by the Lords before the General Election.

Mr Battle is speaking to local people and activists on this and other issues of poverty in the modern city at a Church Action on Poverty event this Saturday at Leeds Church Institute, New Market St, Leeds, 10:30-3:30.

©John Battle MP 17 May 2008