Labour has pledged to help people caught in a “debt trap” by placing a cap on the total amount that can be paid in overdraft fees or interest payments.
Labour claims it could help an estimated 2.7 million people who it says are stuck with permanent overdrafts, saving them the equivalent of £86 each per year.
Shadow chancellor John McDonnell said: “The Tories’ rigged economy has seen real wages fall and insecure work multiply, whilst they hand out huge tax giveaways to the super-rich and the banks.
“Too many families are having to rely on borrowing just to get to the end of the month, and are facing huge costs from our high-street banks.”
He added: “The national scandal of the low paid debt trap has to end. More needs…
Read the full article at: https://news.sky.com/story/labour-pledges-to-cap-interest-payments-and-overdraft-fees-11353371
