§ Mr. Arthur Davidson
asked the President of the Board of Trade if he is aware of the problems arising from the offer of personal credit in new and varying forms; and what action he intends to take to deal with such problems.
§ Mr. Crosland
Yes. My right hon. Friend the Chancellor of the Exchequer and I recognise that these developments have important implications for those who offer credit and for those who take it, as well as for the Government. We have therefore decided that the time has come to appoint a Committee to make a wide-ranging review of the subject, with the following terms of reference:
- (i) to enquire into the present law and practice governing the provision of credit to individuals for financing purchases of goods and services for personal consumption;
- (ii) to consider the advantages and disadvantages of existing and possible alternative arrangements for providing such credit, having regard to the interests of consumers, traders and suppliers of credit including depositors;
- (iii) to consider in particular whether any amendment of the Moneylenders Acts is desirable; and
- (iv) to make recommendations.
I am glad to say that Lord Crowther has agreed to serve as Chairman of the Committee. I shall announce its membership as soon as possible.