David Morris column: Morecambe MP welcomes Chancellor’s decision

David Morris
David Morris

Thank you to everyone who came to speak to me at my street surgery in Carnforth on Saturday. My street surgeries have proven to be popular and I will be doing more of them in 2014.

It was also a pleasure to visit some local businesses in Carnforth too.

I am pleased that the Chancellor George Osborne MP announced this week that he will be capping interest rates that pay day lenders can charge. Under the previous government these loans had been left unregulated which has always puzzled me. I have been campaigning for some time for something to be done about the very high interest charges that are being levied by some of the payday lenders.

All too often a small loan was spiralling out of control for some people with high interest rates and associated costs.

One Parliamentary motion I signed said that interest rates can reach as much as 4,200 % which I hope you will agree is completely wrong.

The Chancellor will implement the cap using the Banking Reform Bill which is currently progressing through the House of Commons. The policy has been agreed between the Government and the Financial Conduct Authority (FCA.)

The Government has said that there will be an evidence-based approach to designing the cap. The government is asking the FCA as regulator to use its existing planned work to report on its proposed approach.

I will be watching this 
very closely as someone who has campaigned against 
high interest rates for some years I want to ensure pay day interest rate levels are at an affordable rate for those who choose to take out this type of loan.

My next advice surgery is a week on Friday, December 6, at Tesco in Carnforth. My supermarket surgeries are drop-in surgeries so there is no need to make an appointment. Just come along on the day.

If you need my help or advice you can always contact my office on 01524 841225.

Also, if you run a local business please contact me so I can take a look around and learn a little bit about what you do.

I produce a regular e newsletter that is delivered directly to your inbox. If you would like to join my mailing list please take a look at my website. If you want to write to me you can do so via www.davidmorrismp.co.uk or you can e-mail david.morris.mp@parliament.uk