§ 67. Sir Fergus MontgomeryTo ask the Chancellor of the Duchy of Lancaster if he has any plans to seek to change the level of protection afforded by the Consumer Credit Act.
§ Mr. MaudeThe Consumer Credit Act already provides comprehensive protection for consumers. I have no plans to change the basic framework of protection provided by the Act although I propose amendments to the Act, when there is a suitable opportunity, to simplify and clarify certain provisions which have caused difficulty both for lenders and their customers. I also propose amendments to the Act to remove all business hire and credit from its scope. These changes have been supported by organisations representing unincorporated businesses and sole traders who are at present within the scope of the Act. I am also proposing to amend the Consumer Credit (Advertisements) Regulations to clarify and simplify the existing provisions and provide additional safeguards for
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Table 1 Type of work distribution of new first degree university engineering graduates entering United Kingdom employment (per cent.) 1980 1982 1984 1985 11986 All engineering Engineering, scientific, technical, computing 87 85 84 83 83 Financial 2 3 4 4 6 Other 10 12 12 14 10 Mechanical engineering Engineering, scientific, technical, computing 93 88 86 86 86 Financial 1 2 3 3 4 Other 6 9 10 10 10 Electrical and electronic engineering Engineering scientific, technical, computing 94 93 94 94 91 Financial — 1 1 1 1 Other 6 5 6 6 8 Numbers entering employment All engineering 5,065 5,325 6,417 6,412 5,362 Mechanical engineering 841 1,008 1,164 1,197 1,010 Electrical, electronic engineering 1,257 1,418 1,852 1,774 1,013 1 The university subject classification changed in 1986. The apparent short fall in electrical and electronic engineering is due to a major part of this subject group being transferred to other categories in the classification, where they are not readily identifiable. Source: Universities Statistical Record, First Destinations Survey, annual volumes.
Table 2 Sectoral distribution of new first degree university engineering graduates entering United Kingdom employment (per cent.) 1980 1982 1984 1985 11986 All engineering Manufacturing 60 61 65 63 61 Finance, commerce 5 7 8 8 10 Other 36 33 27 29 30 Mechanical engineering Manufacturing 80 79 77 76 74 Finance, commerce 3 4 6 5 7 Other 16 16 18 19 19 borrowers, particularly in the area of secured lending. I believe that these changes would enhance the present level of borrower protection while at the same time reducing the burden on business.