HC Deb 30 May 1957 vol 571 cc578-9
5. Mr. Cronin

asked the Chancellor of the Exchequer if he will take steps to give the Chief Registrar of Friendly Societies powers to control the borrowing operations of hire-purchase finance houses similar to those he now has in respect of building societies.

Mr. Birch

As my right hon. Friend the President of the Board of Trade announced on 28th March, the question of regulating these operations is being further studied. The hon. Member's suggestion will be noted.

Mr. Cronin

Will the right hon. Gentleman expedite consideration of this matter, because the Government promised that hire-purchase legislation would be introduced in this Session? It was mentioned in the Gracious Speech.

Mr. Birch

Yes, I know, but as my right hon. Friend said, it was decided that further consideration was necessary.

Mr. Osborne

Is my right hon. Friend aware that at the present time there are, in Manchester Corporation buses, advertisements for money at 12⅝ per cent. and that the money is going into the hire-purchase world at about 20 per cent.? As that must be inflationary. will he not take steps to stop it?

Hon. Members

Answer.