John Bercow
Main Page: John Bercow (Speaker - Buckingham)
Philip Davies (Shipley) (Con)
On a point of order, Mr Speaker. Is it in order for the person who proposes that the House sit in private neither to vote for that nor to be a Teller for that side during a vote?
Mr Speaker
The answer to the hon. Gentleman’s point of order is that nothing disorderly has occurred.
Jacob Rees-Mogg (North East Somerset) (Con)
Further to that point of order, Mr Speaker. It was noticeable that the shouts for Aye were very loud and the numbers voting in favour were quite small. Am I right in thinking that the vote ought to go with the voice, as recommended by “Erskine May”?
Mr Speaker
The hon. Gentleman is absolutely correct on that point, which is also not incompatible or inconsistent with my answer to the earlier point of order. The hon. Gentleman’s reference to “shouts” is correct: vote should follow voice. That is the well-established principle enunciated by “Erskine May”, which I exhort colleagues to follow.
Paul Blomfield
I thank Members on both sides of the House for their encouragement and advice. The supporters of the Bill, with four Labour colleagues, five Conservatives and two Liberal Democrats, almost perfectly reflect the composition of the House. The Bill has the support of many other Members, some of whom are here today and many more who cannot be here. That sends two important messages. First, regardless of how far the Bill progresses, Members’ desire to see statutory regulation of payday lending will not go away. Secondly, there is a growing consensus—not only across party, but beyond this place—on what the key components of the regulation should be.
In preparing the Bill, I have drawn on the advice of Citizens Advice, the debt charity StepChange, the Centre for Responsible Credit, Which? and local debt advisers in my constituency. I am grateful for all their support. I have consulted Members from both sides of the House who are involved in the all-party groups on debt and personal finance, on financial education and on credit unions. I hope that the Minister will agree to meet those of us who have been involved in that process as we take it forward. The Bill reflects the common ground of all those groups and offers a consensus on how we should deal in an holistic way with the problems of payday lending. It recognises the important role that the Financial Conduct Authority has to play from April 2014. It deliberately does not seek to tie its hands with over-prescriptive detail, but aims to provide a positive direction of travel to the FCA on the key issues. I hope that that direction of travel is consistent with Government thinking.
I am sure that hon. Members will wish to make many positive points and suggestions, so it is important for the Bill to progress into Committee where they can be considered in more detail. I am sure I speak for all supporters of the Bill when I say that I am open to that debate and the consideration of any amendments that are tabled. Other Members wish to contribute, so I will briefly set the context for the Bill and summarise its main proposals.
We all know that payday moneylenders are making millions from loans aimed at some of the most vulnerable. They target the poor and make them poorer, pushing them into unaffordable and spiralling debt with exorbitant charges. It is not the intention of the Bill to close down payday lenders, because, sadly, there are few alternatives for many people. However, many of the practices our constituents have experienced are truly appalling. It is those practices that the Bill seeks to stop. We seek to learn from countries where payday lenders have been longer established—in particular the United States, the land of free enterprise—and where effective regulation is the norm.