Richard Burden, Labour MP for Birmingham Northfield, has joined calls for the government to get a grip on problems caused to consumers in Birmingham by high-cost lending.
After months of delay by the government, MPs will today seek to put renewed pressure on ministers to address the problems caused by payday, doorstep and other high-cost lenders by voting for an amendment to the Finance Bill.
Speaking ahead of today’s vote, Richard Burden MP said:
‘I know families across Britain are struggling financially as a result of the Conservative-led government’s austerity measures, and many are turning to high cost credit lenders to make ends meet. Payday lenders, home credit companies and hire purchase shops charge astronomical rates legally to families here in Birmingham, causing many to get into debt as a direct consequence.
‘Evidence shows rising living costs are causing more and more people to take out these expensive and debilitating loans. It’s time the government stepped in before this gets out of hand.
‘Despite these problems, this government refuses to do anything to tackle the rates these companies charge, despite the fact this type of lending is tightly regulated across Europe and North America. I am voting in favour of this amendment, to force the government to look seriously at how to protect British consumers by intervening and protect the finances of families here in Birmingham.’