John McDonnell comments on NAO report on problem debt

John McDonnell MP, Labour’s Shadow Chancellor, commenting on the National Audit Office’s report on problem debt, said:

“This report highlights that problem debt doesn’t just ruin lives but also imposes costs to the public finances.

“The National Audit Office has highlighted serious flaws in how the government monitors information and handles the crisis in problem debt. The recent collapse of Wonga has yet again shown the need for better regulation of consumer lending.

“Labour will cap excessive overdraft and credit card fees, as well as raising living standards through policies such as our Real Living Wage, so fewer people end up in problem debt.”

Ends

Notes to Editors:

• ·       Labour’s overdraft policy: https://labour.org.uk/press/labour-will-end-low-paid-debt-trap-scandal-3m-people-mcdonnell/
• ·       Labour’s credit card policy: https://www.theguardian.com/politics/2017/sep/24/labour-to-pledge-help-for-millions-trapped-by-credit-card-debt