Payday loan companies ‘toxic’ for community, says West Ham MP Lyn Brown
- Credit: Archant
West Ham MP Lyn Brown spoke out in Parliament against payday loans companies she claims are casting “an ugly and toxic web” of despair over her constituents.
Ms Brown made a speech in the House of Commons on Friday (July 12) after Paul Blomfield, MP for Sheffield Central, presented a Private Members Bill suggesting better regulation of payday loans advertising, requiring them to display clear information on costs, and obliging them to refer borrowers in financial difficulty to free advice services.
She supported the Bill by presenting case studies of people who had sought debt advice from Canning Town-based charity Community Links which has seen a 20 per cent increase in payday loan problems in the past year.
She added: “[Payday loan borrowing] is an ugly and toxic web that brings anxiety and stress to households.
“It makes it much more difficult to have a stable and resilient family life, and it undermines the entire community.”
You may also want to watch:
Ms Brown also said the emergence of zero-hours contracts are driving people to use payday loan companies, which “in my view, takes us back to Victorian days and the days of my grandfather standing up as lump labour on the dockside, hoping he might earn enough money to feed his family.”
- 1 Jailed man caught with knife in Stratford to be handed court order
- 2 Worshippers at mosque in Upton Park aim to raise £35k for Royal British Legion's Poppy Appeal 2021
- 3 Cause of death remains unknown after body found in disused Forest Gate pub
- 4 Body found in derelict pub in Forest Gate
- 5 Hundreds arrested after police crackdown on county lines
- 6 Forest Gate triple shooting: 'Safety is everybody's business,' councillor says
- 7 Man given community order for 26 counts of criminal damage after scratching name into property
- 8 Thames Barrier closing for 200th time amid potential east London flooding
- 9 Tom Hiddleston to appear as MCM Comic Con returns to ExCeL London in Royal Docks
- 10 Newham mathematician to fill in for Countdown presenter and expectant mum Rachel Riley