Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Dunne breaks his word on loan sharks

Dunne breaks his word on loan sharks

United Future Leader Peter Dunne has done the dirty on the victims of loan sharks and backflipped on his previous willingness to support moves to cap excessive interest rates, Labour’s Consumer Rights spokesperson Carol Beaumont says.

“When Peter Dunne previously voted for my Member’s Bill proposing interest caps, he specifically said he was sorry it failed and hoped further progress would be made in the future.

“In spite of those comments he has ruled out supporting Labour’s proposed amendments to the Credit Contracts and Financial Services Reform Bill which will reduce the exorbitant rates loan sharks charge. The Bill is likely to be back in the House for a second reading on Tuesday.

“The Government’s long delayed Bill does not address the issue of capping interest rates of sometimes several hundred per cent.

“The legislation seeks to regulate consumer credit including loans provided by predatory third tier lenders. But National has failed to address out of control interest rates, leaving the Bill out of step with many jurisdictions around the world including the US, the UK, Canada, Japan, Australia and most of Europe.

“National opposes interest rate caps because it claims they could have undesired effects but I challenge the Government to find one country that has repealed such restrictions.

“Initial indications show there would be strong support for Labour’s amendments from other political parties and Peter Dunne’s vote could be crucial.

“These changes would strengthen protections for consumers and rein in the worst excesses of the third tier credit market which has thrived in times of high unemployment and low wages.

“Excessive interest rates lead to a spiral of debt and despair for many families. Labour urges those who want to stop the devastation that extortionate interest rates cause, to tell Peter Dunne he should do the right thing,” Carol Beaumont says.

Ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>

ALSO:

Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>

ALSO:

More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news