ACTION TO CAP PAYDAY LOANS

Early day motion 276, tabled 18 June 2013 by George Galloway (Respect). Signed by 23 members.

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on a commitment to cap payday loans; notes that in November 2012 a capping amendment in the House of Lords was withdrawn by the proposers on the urging of the Government following an assurance that a more comprehensive one would be introduced; further believes that legal loan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.

Signatures by party: Labour 14, Plaid Cymru 2, Social Democratic and Labour Party 2, Alliance 1, Conservative 1, Liberal Democrat 1, Respect 1, Scottish National Party 1.