Labour promises law to cap credit card debts

Sep 27, 2017, 00:31
Labour promises law to cap credit card debts

In the run-up to his re-election previous year she tweeted: "One day in the far distant future we'll look back and we won't laugh, because this isn't bloody amusing".

The PFI scheme was introduced in 1992 by former Conservative prime minister John Major, but was stepped up significantly under Tony Blair's administration, when it was used to fund the construction and operation of public sector infrastructure like hospitals.

The shadow chancellor, John McDonnell, will announce plans to guarantee that no-one pays more in interest payments than their original loan.

A Labour spokesman later said the party would, in fact, review all PFI contracts and "if necessary" bring them back in-house.

"The scandal of the Private Finance Initiative has resulted in huge long-term costs for taxpayers while providing enormous profits for some companies", he said.

He claimed a lot of the profits from PFI deals was going to shareholders - many of whom were based in offshore tax havens.

Under the proposed new rules, customers who pay more in interest and charges than they do in repayment of credit card debt over an 18 month period will also need to be helped by credit card providers.

The shadow chancellor was cheered as he confirmed that a Labour government would scrap university tuition fees, overturn Conservative trade union legislation and nationalise rail, water, energy and the Royal Mail.

The letter, which Mr Morgan posted on Facebook, added: "I must apply the same standards to Labour as I would to any other party conference or political event; whilst none of us can control what is said at meetings we do not run, I have to make the strongest possible representation on behalf of the residents of the city who are Jewish".

The call by Jonathan Ashworth came as allegations of anti-Semitism came back to haunt the party during its conference in Brighton.

"This is a party of all communities around the country".

Taking a swipe at the government's plans for infrastructure investment in the North, McDonnell said that Labour would invest in a swathe of schemes in northern regions including extending HS2 into Scotland.

Labour, he argued, must "scenario-plan" for all kinds of potential challenges it might face in government "bringing the relevant expertise together at every level to talk through what happens if there is such and such a reaction".

"Forced nationalisation of large parts of British industry will send investors running for the hills, and puts misplaced nostalgia ahead of progressive vision".

CBI director-general Carolyn Fairbairn told McDonnell that "the world is watching" and warned global investors could be put off by his plans.

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