§ 37. Mr. Osborneasked the President of the Board of Trade when, as a result of the lower Bank Rate, he proposes to ease the restrictions on hire-purchase of consumer goods, as distinct from capital goods; and if he will make a statement on the need for increased exports as a condition for maintaining the value of sterling.
§ Mr. ErrollRelaxation of the hire-purchase restrictions must depend on our success in controlling inflation and strengthening sterling. A high level of exports is essential for maintaining the value of sterling.
§ Mr. OsborneThat does not answer my Question. Will my hon. Friend look into the case, recently disclosed by a social survey, where as much as 70 per cent. per annum was charged for the hire purchase of consumer goods? Will he use his influence with the Chancellor to see that hire-purchase finance is put into the hands of responsible people, like the Big Five banks, to stop this racketeering in hire-purchase finance?
§ Mr. ErrollHire-purchase finance in the main is in the hands of responsible people. I am aware of the example which was quoted.