Labour says PFI will be 'brought back in-house'

Labour says PFI will be 'brought back in-house'

Labour says PFI will be 'brought back in-house'

John McDonnell told Labour conference that PFI was a scandal that delivered "enormous profits" for some companies while crippling public service budgets.

Labour believes increasing numbers of families are being forced to turn to credit cards often with high interest rates due to make ends meet due to falling wages.

UK Finance chief executive Stephen Jones said: The FCA's extensive credit card market study looked very closely at the issue of persistent debt. If this is implemented, no person will pay more interest than the actually borrowed sum.

But more than three million credit card holders are trapped by their debt.

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The regulator says over three million people are in persistent debt, which it defines as having have paid more in interest and charges than they have repaid of their borrowing over an 18-month period.

In a conference speech stuffed with more crowd-titillating plums than the proverbial pudding, John McDonnell betrayed a confidence in the Labour party's prospects of power that he may come to regret. He told delegates: "I am calling upon the government to act now and apply the same rules on payday loans to credit card debt".

The Labour Party has pledged to bring a legislation which will restrict the interest amount which could be charged on debts due to credit card use. He warned that if the Conservatives did not bother to do anything on this matter, then the law will be amended by the subsequent Labour Government.

"It means that no-one will ever pay more in interest than their original loan".

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The FCA proposed earlier intervention by credit card providers to identify and help customers at risk of financial difficulty.

In response to calls for action, UK Finance (which represents the financial and banking industry) claimed that consumer credit is an important part of economic growth, and that it was committed to responsible lending practices. It said that the industry has no intention of pushing vulnerable consumers to the clutches of unregulated and unscrupulous lenders.

"Jeremy Corbyn has made it clear that under his leadership, Labour will sign no new PFI deals".

Brexit Secretary Keir Starmer will speak in the auditorium on Monday, when he is expected to say the Tory approach to negotiations on leaving the European Union reveals the "post-imperial delusions" of Theresa May's party.

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