ACTION TO CAP PAYDAY LOANS

Motion Text

That this House believes that the Government has backtracked on a commitment to cap payday loans; notes that in November 2012 a capping amendment in the House of Lords was withdrawn by the proposers on the urging of the Government following an assurance that a more comprehensive one would be introduced; further believes that legal loan sharks like Wonga who can charge thousands of percent interest are profiting on poverty; and demands that the Government lives up to its commitment and caps payday loan interest rates and bans the companies advertising their iniquitous schemes.