Labour’s McDonnell vows to cap credit card interest

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Labour’s McDonnell vows to cap credit card...
 © In-Cyprus 2018
A UK Labour government would cap credit card interest so that no-one pays back more than twice the amount of their original borrowing, shadow chancellor John McDonnell has announced.

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...

This article was automatically added to our system 25-9-2017

Labour’s McDonnell vows to cap credit card interest

The contents of this article including any associated images are © In-Cyprus 2018
Views & opinions expressed in this article are those of the author and/or In-Cyprus .

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