Tories to tackle UK's addiction to debt
SHADOW Chancellor George Osborne today promised a Conservative government would tackle Britain's "addiction to debt".
He was speaking as he unveiled a plan to give the Office of Fair Trading powers to clamp down on store cards which charge "excessive" rates of interest.
He is also suggesting a seven-day cooling off period before people can start using their cards.
People in the UK owe 2.2 billion on store cards, according to the Conservatives, with the number of accounts having almost doubled from seven million to 13.4 million in the last five years.
In an interview for GMTV, Mr Osborne said: "We've got a big problem in Britain, we're addicted to debt, and we are seeing the consequences of that as the credit crunch hits, and everyone is finding it more and more difficult with the rising cost of living.
"The role of the next Conservative government is to stop Britain's addiction to debt, and make sure when we next have a financial crisis or economic problem, that we are much better prepared."
Email to a friend
Print this page- Scottish independence: I don’t want ‘separatism’ says Sir Tom Farmer
- Scottish independence: Labour voters ‘will deliver independence’
- Craig Levein insists Scotland will recover from US thrashing
- Rangers administration: End game nears for fallen icon
- Tom English: ‘A mammoth investigation, so vast that it is without parallel in the history of the Scottish game’
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Edinburgh
Monday 28 May 2012
Today
Sunny spells
Temperature: 9 C to 22 C
Wind Speed: 15 mph
Wind direction: North east
Tomorrow
Cloudy
Temperature: 10 C to 16 C
Wind Speed: 10 mph
Wind direction: North east
