Consumer Credit Bill

Hon. Members who have worked with me know that I am prepared to consider all aspects of the problem. I told the hon. Member for Carmarthen, East and Dinefwr (Adam Price) that we would look at evidence from elsewhere, or at evidence that is in addition to the information that we have gathered. The opportunity to do that is while the Bill goes through its various stages. My right hon. Friend the Member for Leeds, West (John Battle) is an expert on such matters. I enjoyed his contribution immensely, even if he is from Leeds, which is close to Bradford and we do not always enjoy the best of relationships. His speech gave an idea of the problems faced by people on lower incomes who are at the bottom end of the market and are hit by illegal moneylenders, who prey on them with violence and in other ways when they cannot pay back their loans. We need to put the Bill in context. Consumer credit can be a useful tool to consumers if handled in the right way, with a balance between it and saving. The Bill is necessary. Thirty years is a long time for a piece of legislation to be in force, and it has now become out of date. We will work hard in Committee. With excellent contributions by Members on both sides of the House, I am sure that we will get it right. I undertake to ensure that we listen to them and discuss the merits of all amendments tabled in Committee. I hope and know that the House will ensure that when the Bill becomes law, it will be the right piece of legislation to meet the concerns of the industry and consumers. I commend the Bill to the House.