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caps because it claims they could have undesired effects but I challenge the Government to find one country that has repealed such restrictions.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

 

Gordon Campbell: On Bank Scandals (And Air Crashes)

Last month, the Australian Securities and Investment Commission (ASIC) filed proceedings against Westpac over activities that have some distinct echoes of the Libor scandal. More>>

Budget: Health Funding Must Keep Up With Need

NZNO: “The nursing team has been doing more with less for years. It’s getting to the point that we’re really worried about our colleagues, our patients, our jobs and the level of health care available for people in our country." More>>

ALSO:

Emissions Inventory: Time For The Government To Do The Right Thing

It’s time for the National Government to step up and do the right thing to reduce climate pollution as data shows New Zealand’s greenhouse gas emissions are higher than ever, the Green Party said today. More>>

ALSO:

Budget 2016: More Partnership Schools To Open

Seven new schools will join the eight Partnership Schools already open, along with further new schools opening in 2017. “The growth of this policy is a reflection of the high level of interest from educators and community leaders,” Mr Seymour says. More>>

ALSO:

No Correspondence With English: Did Brownlee Make Up Sale Of Navy Ships ‘On The Hoof?’

Having revealed that several Royal New Zealand Navy vessels have not left port in years, New Zealand First is now asking the Minister of Defence to prove he did not come up with the idea of selling HMNZS Taupo and Pukaki until the media asked him. More>>

Housing Plans: Labour- Abolish Auckland Urban Boundary
The Government should rule out any possibility of an urban growth boundary in Auckland Council’s Unitary Plan if it is serious about fixing the housing crisis. More>>
Greens - State House Solution
The Homes Not Cars policy allows Housing New Zealand to retain its dividend and, in addition, would refund its tax, to spend on the emergency building of around 450 new state houses. More>>

ALSO:

Houses And Taxes: Post-Cabinet, Pre-Budget Press Conference

The Prime Minister said that the pre-budget announcements showed that his Government is “investing in a growing economy”. He re-affirmed the National Government’s commitment to lowering personal tax rates but that any such change must fit with the fiscal reality of the time. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news