Pls DON'T let this be true. It reports @hmtreasury plans to shelve much needed, called for & worked on plans (by @WhichUK, @TheFCA, @CitizensAdvice & til now govt itself) to regulate Buy Now Pay Later
Why'd it not regulate the UKs fasted growing form of debt, with billions lent?
Yes, BNPL used right can help people borrow interest free to spread necessary costs, but it's still a debt. Protection's needed for when it's not right. Regulation doesn't curtail the industry, it'd just means that for both existing firms & new entrants:
- Fairness rules apply like with other debt
- If treated badly you can go to @financialombuds
- Firms must be honest that this is borrowing not market it as a lifestyle choice
Clearly amidst a cost of living crisis, when many are desperate and living on deficit budgets - all forms of major consumer debt need the protections embedded which regulation gives.
I'd urge @Jeremy_Hunt to continue with the plans, which we were promised years ago, and have huge support amongst consumer groups (and some BNPL firms) and ensure it's fully regulated like the debt it is.
https://t.co/rJy5YmFoEI
Good @RishiSunak start by reviewing MP expenses for oversees trips, entertaining, second homes and sustenance when it includes receipts for alcohol and food (Liz truss racked up some bills). MPs need to recognise the economic situation we are in and lead by example. Who funded Boris trip to Davos earlier this year? And why was he in attendance as he is neither the chancellor or the finance minister.
@cristen_grandit @woacbofficial @Belle_Aubrey_ Yeah that was Willy Mac's point. It was reinstated so didn't prove what Belle was trying to say it proved.