Calls For Personal Loan Rates To Be Capped

Mon, 12 Apr 2010

The government has been urged to introduce a cap on personal loans interest rates in order to help consumers cope financially in the current economic climate.

In an interview with the Independent, Neal Lawson, chairman of left-wing pressure group Compass, explained that "irresponsibility at the top of big corporations" has resulted in many Britons struggling to make ends meet.

He told the newspaper that the government should impose a limit on unsecured loan rates in order to ease the financial strain on UK households.

"They should introduce a 'Tobin tax' on bank transactions, set up a high-pay commission to tackle excessive pay, cap interest rates on unsecured loans, increase the minimum wage and close the gender pay gap," he said.

Mr Lawson also urged the government to safeguard the future of major lenders by separating investment banks from services banks .

The British Bankers' Association revealed last month that Britons have a collective personal loan debt of £52 billion.
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