Labour pledges cap on overdraft fees and interest payments

Here’s a bold new policy from John McDonnell. What do we think of it?

Note that the Tories say they have done enough. Do you think they’re telling the truth, considering the number of people who are in debt?

Labour says it would cap the total amount anyone could pay in bank overdraft fees or interest repayments.

Shadow chancellor John McDonnell said he wanted to end the “national scandal” of low paid families trapped in debt.

Labour said the policy could help 2.7 million people who are stuck with permanent overdrafts, saving them the equivalent of £86 each per year.

The Treasury said it had already tightened the rules to protect debtors and cracked down on payday loans.

Source: Labour pledges cap on overdraft fees and interest payments | BBC News


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4 thoughts on “Labour pledges cap on overdraft fees and interest payments

  1. Damo

    Mike it’s not just debt from banks or overdroughts it’s the debt of being poor there now seems to be an entire industry dedicated to entrapping the poorest and most vulnerable people of this society in never ending cycles of debt people on benefits on pip people with not a penny to spare the unemployed taken to court repeatedly for struggling to pay council tax which in some councils works out at with the recent council tax rises at £56 a month out Of £240 a month then on top of that court fees everyone would like to be able to pay there way but sometimes you just can’t.

  2. Damo

    The sad thing mike is that vulnerable people attract parasites and monsters.. The shadow people.. And in this greed capitalism gone insane society to be poor you are truly vulnerable and unless you have the strength.. You will be at the mercy of others… God that stinks wot happened to I am my brothers keeper

  3. NMac

    Apart from a few unscrupulous millionaires and pay-day loan sharks, I don’t know who won’t like this positive policy statement.

  4. Growing Flame

    An excellent initiative which should attract the support of some of the most vulnerable in our society.. apart from just one little problem!!

    How many people will even know about this plan? We won’t hear about it from the tabloid newspapers. It may get a brief mention-easily forgotten- on the TV news.

    It is not enough to merely note the policy ourselves. We have to get out there and TELL people about it through leaflets etc through the door. And not just once. And NOT just at election time. Our Labour branches should be active ALL the time , spreading these messages. No-one else will be telling the people about this.

    And, yes, that is exactly what I will be advocating in my own local Branch, and it’s also what we HAVE been doing.

    At last we have a Labour leadership that is willing to take serious initiatives to tackle inequality. They are giving us the ball we have always wanted. Now we have to run with it!!

Comments are closed.