Labour MP Paul Blomfield has welcomed Archbishop of Canterbury’s comments on tackling rip-off payday money lenders. The Sheffield Central MP has won cross-party support for his private member's bill which would properly regulate these lenders and stop their worst rip-off practices.
In an interview the archbishop of Canterbury has revealed he told the Chief Executive of Wonga that the Church of England wants to "compete" it out of existence. The Archbishop has also announced plans by the Church to expand credit unions to develop alternative sources of credit to payday loans, and is exploring how church buildings and other community locations could be used as new sites for credit unions.
Paul Blomfield MP said: "The Archbishop’s comments on tackling rip-off payday money lenders are extremely welcome. My High Cost Credit Bill regulating payday lenders is only part of the answer, we also need to develop accessible alternatives to the extortionate loans which are too often the only option for people who need credit. The Church’s initiatives for supporting credit unions are a bold and radical step that could significantly shift the credit market away from payday lenders. I’m in conversation with church leaders in my constituency about how we can provide practical support for people who are caught in a spiral of debt and the Archbishop’s plans are something I’m keen to explore with them."
