Wednesday 30 May 2018 / 9:36 AM Economy / Peter Dowd

Millions forced to rely on high-cost credit – Dowd

Peter Dowd MP, Labour’s Shadow Chief Secretary to the Treasury, responding to the 2017/18 annual review out today by the Financial Ombudsman Service (FOS), said:

“These figures help show the stark reality of Britain’s high-debt economy. The failure of Tory austerity means real wages are lower than they were eight years ago, forcing millions to rely on high-cost credit just to make ends meet whilst ministers sit idly by.

“Labour will take firm action where the Government has failed, limiting the cost of borrowing by capping credit card and overdraft charges, and by bringing in a £10 an hour minimum wage to lift families out of the misery of the debt trap. That way we’ll build an economy that works for the many, not the few.”