Labour pledges cap on credit card repayment fees

  • Labour pledges cap on credit card repayment fees

Labour pledges cap on credit card repayment fees

Aides later said that a review of all PFI deals, to be carried out after Labour takes power, is expected to find that most are appropriate for returning to public hands.

John McDonnell, the shadow chancellor, justified the promise by saying that approximately three million card users are virtually trapped by debt due to their use of credit cards.

PFI contracts see the government use private funding to pay for major one-off projects such as building hospitals, schools and transport networks.

He said Labour would fund its plans for higher public spending on things like health and education and a large-scale infrastructure investment program by clamping down on tax evasion and making big firms pay more tax. They did not give an estimated cost for the policy.

'The government could intervene immediately to ensure that companies in tax havens can't own shares in PFI companies, and their profits aren't hidden from HMRC.

In a wide-ranging speech, Mr McDonnell singled out a number of industries including energy and rail that would be bought back into public ownership, and also gave support to the proposed Swansea Tidal Lagoon.

"If the Tories refuse to act, I can announce today that the next Labour government will amend the law".

"Business has realised that Labour may form the next government and has re-engaged", said Tony Langham, Chief Executive of city communications firm Lansons which made a decision to hold a business reception at the Labour conference to meet client demand for engagement with the party.

"Labour's plans would go too far, and ordinary working people will end up footing the bill", Chancellor Philip Hammond said.

Labour governments during the 1960s and 1970s came under financial pressure in the markets, leading them to devalue the pound, by lowering the exchange rate, on more than one occasion.

McDonnell said: "We'll build Crossrail for the north, connecting our great northern cities from west coast to east, and extend HS2 into Scotland".

We will create a Strategic Investment Board to drive funding into the technologies of the 4th industrial revolution. "It raises a warning flag over the British economy at a critical time for our country's future", said Carolyn Fairbairn, director-general of the CBI business lobby group.

Meanwhile, Dr Adam Marshall, director general of the British Chambers of Commerce, said that while businesses would welcome Labour's efforts to deepen engagement on issues around economic growth, trade, and Brexit, they would be concerned by the proposals put forward.

"This would threaten the living standards of the very people that need help, from pensioners to students", she added.