John McDonnell, the Shadow Chancellor of the Exchequer, has said that the party would limit the amount of interest that could be charged on credit card debt. The measure will be announced in the Shadow Chancellor’s speech at the Labour Party Conference in Brighton and he is expected to say:
“The Financial Conduct Authority has argued for action to be taken on credit card debt as on payday loans. I am calling upon the government to act now apply the same rules on payday loans to credit card debt.
It means that no-one will ever pay more in interest than their original loan. If the Tories refuse to act, I can announce today that the next Labour Government will amend the law”.