Welcome for swift action on loans firms

Conservatives in the county are pleased that their fears over pay-day loans have been listened to by the Government.

Northumberland Conservatives expressed their concern about the impact of pay-day loans on local communities in their amended motion to Northumberland County Council in October.

Following this they lobbied the Chancellor, George Osborne, directly to legislate and regulate pay-day lenders.

And on Monday, Mr Osborne undertook to amend the Banking Reform Bill to give the Financial Conduct Authority the powers to regulate pay-day lenders and to place a cap on their activities.

Coun Peter Jackson, leader of Northumberland Conservatives, said: “It is good to know that the Government does listen to concerns from Northumberland and that swift action has been taken on this important issue.”