§ Mr. Heddleasked the Minister for Trade whether he will now lay the orders necessary to increase the monetary limits in the Consumer Credit Act 1974.
§ Dr. VaughanI plan to lay the orders increasing the limits shortly, at the same time as the regulations to implement the remaining provisions of the Consumer Credit Act. In order to avoid unnecessary complications, I propose that the new limits should take effect immediately after the regulations come into force, that is about 18 months after they are laid. The orders will raise the limits to the levels announced on 20 July 1982 except that I have now decided that the limits under section 118(1)(b) and 120(1)(a) should be raised from £15 to £25 in Jane with the increase proposed for the limit under section 17(1) for small agreements.