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    Lord Mitchell welcomes the Government's acceptance of the principle of his 'payday loans' amendment. He hopes the three other co-signatories can have an effective veto over the revised amendment. The losers are clearly the loan-sharks and payday lending companies.

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    Lord Mitchell welcomes the Government's acceptance of the principle of his 'payday loans' amendment. He hopes the three other co-signatories can have an effective veto over the revised amendment. The losers are clearly the loan-sharks and payday lending companies.

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    8 views1 page

    28 November 2012

    Uploaded by

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    Lord Mitchell welcomes the Government's acceptance of the principle of his 'payday loans' amendment. He hopes the three other co-signatories can have an effective veto over the revised amendment. The losers are clearly the loan-sharks and payday lending companies.

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    28 November 2012

    Lord Parry Mitchell

    In response to the Government accepting his payday loans amendment to the Financial Services Bill, Lord Mitchell said:

    The minister has made a very welcome statement of intent and to be honest it is as much as we could have hoped for. With the Governments cast iron acceptance of the principle of my amendment, plus I hope the three other co-signatories can have an effective veto over the revised amendment at third reading - this issue is now where it should be - beyond party politics.

    The winners are those who have campaigned for this change in the law and I must mention my honourable friend Stella Creasy MP who has been tireless in her pursuit of justice. The other most welcome winners are those who live in the hell hole of grinding debt - their lives will become just a little easier.

    The losers are clearly the loan-sharks and payday lending companies. They have tried every trick in the book to keep this legislation from being approved and they have failed. Their failure is our victory.

    ENDS

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