MPs Call for Capped Loan Rates for Poor Families

Fri, 28 Dec 2007

A committee of Scottish Members of Parliament have released a Poverty in Scotland report recommending a total of 36 recommendations to help reduce poverty in the country. The report, which did acknowledge the good work undertaken by the government in the last decade, insisted the government should be doing more to reduce the number of Scots living in poverty – of which there are currently nearly one million, a quarter of which are children.

Two recommendations stood out within the report – that under-21s should be paid the adult minimum wage and that there should be a cap on interest rates on loans for small families. At present, the minimum wage for under-21s stands at £4.60 an hour, compared with the adult minimum of £5.35.

Meanwhile, the cap on interest rates would apply to a variety of lenders, whilst courts would also be given the power to alter interest rates to maek them fairer in cases in which people have been exploited.
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