§ Mr. Robert Taylor
asked the Chancellor of the Exchequer if he can estimate the percentage of retail sales which are settled by the use of a credit card: and, in view of the fact that payments by this method contribute to inflation, if he will take steps to control its future growth.
§ Mr. Dell
No such estimate is available. Bank lending to persons, which includes credit taken by credit card users, has been slack in recent months in conformity with Bank of England's directional guidance, and I see no need to place restrictions on credit card issuers beyond the repayment conditions they adopted voluntarily in December 1973 407W and the requirements to be set by the Consumer Credit Act 1974.