Consumer Credit Regulation

I join others who have spoken in commending my hon. Friend the Member for Walthamstow (Stella Creasy) on securing the debate and how she introduced it, and for her ten-minute rule Bill of a week or so ago, which others also referenced. She has done a huge amount of research and has made a powerful case for smarter regulation. She and others focused on the impact on some of the most vulnerable in the various communities we represent of access to finance going wrong, and the associated issues. My hon. Friend highlighted three specific issues that she wanted the Minister to include in his Department's review. The first was to consider regulation of the total cost of borrowing and how much interest different financial products can carry. She pointed to experience across the European Union and north America, where similar measures have been introduced. She referenced the need for a levy on those who sell credit to pay for debt counselling and advice services, and she pushed for increased accessibility of credit union services and their integration with the Post Office.