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News, gossip and insight from PoliticsHome Editor Paul Waugh

The Payday Loan Rangers

Looks like someone's putting the 'cross' into 'crossbenchers'. That's cross as in church and cross as in annoyed.

The big event in the Lords tomorrow will be the Financial Services Bill and a vote on a (so far) little-noticed amendment from Labour's Lord (Parry) Mitchell.

Amendment 114d will seek to put a cap on the interest charged by payday loan firms. This is something ministers have so far resisted and about which peers have apparently become very cross.

After Stella Creasy's Commons campaign, it now seems that Labour has some high profile independent backers for the move in the Upper House. Not least is one Bishop Welby..aka the Archbishop of Canterbury-elect.

The current Bishop of Durham (who retains his seat on the Parliamentary Commission into banking) has signed the amendment, as has crossbencher Lady Howe (who happens to be wife of Geoffrey Howe).

And today Tanni Grey-Thompson has joned the crossbench throng, adding her name to the amendment.

Given that last week's triple defeat for the Government came at the hands of the crossbenches (50 of them sided with 50 Lib Dems and Labour's massed ranks), is this an ominous development...?

And will the PayDay Loan Rangers get their man?

 

UPDATE: Parry Mitchell has now written exclusively for PolHome's Central Lobby HERE on why his amendment ought to pass.

The big issue is whether enough Lib Dems will abstain to make that a reality.

 

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