Lawyer backs interest rate Bill proposal

A LEADING radical lawyer has backed Margo MacDonald's bid to outlaw extortionate interest rates charged by licensed lending companies.

Mike Dailly, principal solicitor at Govan Law Centre, said her plan to introduce a bill in the Scottish Parliament was "fantastic" and offered to draft it for her.

Ms MacDonald, standing for re-election as an Independent MSP in Lothians, said she was delighted with the support.

Unveiling her plans earlier this week, she said was astonished to discover companies were legally charging thousands of per cent interest on loans to poor families. Her bill would set a cap on the interest rates which could be charged.

Mr Dailly left a message on her Facebook page saying: "Govan Law Centre has long advocated an interest-rate cap and your proposal is brilliant. On behalf of GLC, I would be happy to draft your bill."