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Miliband attacks Govt’s lack of action on house building and payday loans

Ed Miliband
Ed Miliband responding to the Queen’s speech

Labour leader Ed Miliband has attacked the lack of action in the Queen’s speech on house building, payday loans and banking regulation.

Last week, the Government set out its legislative agenda for the year with bills on long-term care funding, pensions reform and deregulation.

Miliband said the Government had “no answers to Britain’s housing crisis” and criticised the lack of house building, claiming housing completions are at their lowest level since the 1920s.

He also re-iterated his criticism of the Government’s banking reforms and said it should focus on creating a regional banking system.

Labour wants to see the Bank of England given the power to break up all banks if they do not abide by the ringfence rules, as recommended by the parliamentary commission on banking standards. The Government is only giving it the power to separate individual banks in the banking reform bill.

Miliband said: “We have another fudge from the chancellor. He has not even done the recommendations of the all-party banking commission. He is wrong on the banks.”

He also hit out at the lack of action on living standards, saying wages have fallen by £1,700 a year since 2010.

He said: “There is no real action on living standards. This speech has no answers. No action on train fares, no action on payday loans and no action on private pension charges. People are worse off under the Tories.”

Informed Choice managing director Martin Bamford says: “If the Government is serious about fairness for consumers, it should tighten up the rules for payday lenders and also parasitic claims management firms, which are costing us all a ridiculous amount of money.”

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