HC Deb 25 February 1960 vol 618 cc552-3
11. Mr. Mills

asked the Chancellor of the Exchequer what steps he intends to take to ensure that hire-purchase companies which accept deposits from the public conform to certain minimum standards.

Mr. Barber

As my right hon. Friend the President of the Board of Trade announced on 26th November last, we are considering the desirability of new legislation for the protection of the public who deposit money with many kinds of businesses, including hire-purchase companies. This is a complex matter which will take time to resolve.

Mr. Mills

Has my hon. Friend noted the remarks of the Governor of the Bank of England at Liverpool on 12th February, and will he bear those remarks in mind?

Mr. Barber

Yes. I shall certainly do that.

Mrs. Slater

Is the Economic Secretary aware that there is a great need for steps to be speeded up, as the public are getting robbed time and time again by the malpractices of many of these companies, about some of which I have written to the President of the Board of Trade?

Mr. Barber

Mr. Speaker, I certainly would not go so far as the hon. Lady has gone—[HON. MEMBERS: "Why?"]—for the simple reason that I think that what she said was somewhat exaggerated—but I certainly agree that this is a very important matter, and I can assure her that we shall reach a conclusion as soon as possible.