STORE CARD CHARGES

Early day motion 498, tabled 12 January 2005 by Lindsay Hoyle (Labour). Signed by 75 members.

That this House notes with concern the excessive rates of interest charged on store cards; recognises that rates can be up to 30 times higher than credit cards and do not reflect low interest rates which currently exist; further notes the study by the Office of Fair Trading, published in March 2004, which found that features of the store card market prevent, restrict or distort competition; welcomes the investigation by the Competition Commission, which has already outlined potential concerns regarding the rate of interest charged on store cards; and looks forward to action being taken to reduce the rates of interest charged on store cards with the interest of the consumer being put first.

Signatures by party: Labour 42, Liberal Democrat 14, Labour/Co-operative 8, Scottish National Party 4, Conservative 2, DUP 2, Plaid Cymru 2, UUP 1.