In his keynote speech to Labour’s annual conference in Brighton, Mr McDonnell will accuse the Government of creating a “debt crisis” which is becoming a threat to the economy, with 3 million people trapped in persistent debt with credit cards in the red by a total of £14 billion.
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He will call on ministers to apply the same cap on credit card debts as on pay-day loans, limiting interest and charges to 100% of the amount borrowed. He will promise that if they fail to act, Labour will change the law when it wins power.
The Financial Conduct Authority estimates that more than 3...