Justin Welby calls for cap on total cost of payday loans

Written by Super User 29 Nov 2012

The incoming Archbishop of Canterbury has joined forces with the Labour Party to launch an attack on the Government over its failure to curb the excessive charges of legal loan sharks. The highly political intervention by Justin Welby, the Bishop of Durham, is his first since being announced as the successor to Dr Rowan Williams as leader of the Church of England. Bishop Welby has denounced payday loan firms and the levels of interest they charge as ‘morally wrong’ and even a ‘sin’. He is stepping up his campaign with a House of Lords amendment – jointly with a Labour peer – to a Coalition finance bill which would give regulators the power to cap the total cost of loans. He said ‘The reality is interest rates are in the thousands of per cent, which at any time in history would have been called usury, and which the church has always considered a sin, and I think that even now it is a sin to charge that level of interest.’

Pray: for the success of this amendment and also for all those affected by such exorbitant loan repayments. (Ex.22:25)

More: http://www.telegraph.co.uk/news/religion/9700796/Justin-Welby-the-Bishop-of-Durham-calls-for-cap-on-total-cost-of-payday-loans.html

 

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