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Bradford MPs reject cap on pay day interest
8:00am Saturday 9th March 2013 in News
MPs in the Bradford district have backed Prime Minister David Cameron’s insistence that a cap on pay day loans was not the answer.
Labour has repeated its call for controls on the cost of credit – to limit the interest lenders can charge – but its Bradford South MP Gerry Sutcliffe said he had reached a different conclusion.
He said: “Wonga and others are irresponsible lenders but, when I was consumer minister, I argued against the cap because the issue is about how to achieve responsible lending.”
David Ward (Lib Dem, Bradford East) said he used to support a cap but was now convinced it would drive the current pay day lenders out of the legal market, without cutting demand for short-term debt.
Keighley MP Kris Hopkins (Con) said: “I welcome the OFT’s strong line on dealing with rogue lenders, and trust they will follow through in removing the licences of firms that fail to comply. I was very pleased to support the introduction of new Government advertising restrictions on pay day lenders, and hope more can still be done.”