Alex today joined the campaign to end high street loan sharking and ensure every resident of Stockton North has access to affordable credit. Speaking ahead of the reading of a backbench proposal in parliament, Alex said:
“With some firms charging over 400% in interest for a loan, it is time the Government stepped in to help protect consumers here on Teesside from these high street loan sharks and help local authorities say no to them when they try to set up shop in our communities.
We also need to do more to support access to affordable credit through credit unions and help those who get into debt through counselling and debt management services.
That’s why I’m supporting proposals to deal with these problems alongside many other Labour MPs who want to see everyone being protected from unscrupulous lenders and getting help to manage their finances.”
Alex has signed a parliamentary motion in support of action on these issues and will be attending a debate to vote for the “Consumer Credit (Regulation and Advice) Bill”, which has been tabled by another Labour MP on Wednesday 3 November 2010 in the House of Commons.