after key clause fails to make it into Consumer Rights Bill through lack of time

Parliamentary plans to impose an annual £13 million levy on controversial payday lenders have stumbled at the first hurdle after a key clause failed to make it into the Consumer Rights Bill through lack of time. The clause has been backed by Labour leader Ed Miliband and championed by Labour MP Stella Creasy, who has campaigned for more regulation. It called for an annual levy to provide ‘free debt advice for vulnerable customers’ and for the ‘provision of affordable alternative credit through credit unions’. That would mean lenders paying to fund and promote rival credit union loans, which would likely charge lower rates. Creasy hopes the clause can be added when the Bill is debated in the House of Lords.