PAYDAY LOANS

Early day motion 341, tabled 2 July 2013 by George Galloway (Respect). Signed by 21 members.

That this House welcomes the belated decision to refer the payday loans market to the Competition Commission; is concerned about the expansion of the market, now worth an estimated £2 billion a year; regrets that the investigation may take 18 months; notes that the major player, Wonga, has recently raised interest rates to more than 5,000 per cent APR; is conscious that this market depends on the exploitation of families’ poverty; and condemns the failure of the Government to properly regulate the payday loan market and to cap interest rates.

Signatures by party: Labour 11, DUP 2, Independent 2, Social Democratic and Labour Party 2, Alliance 1, Liberal Democrat 1, Respect 1, Scottish National Party 1.