Labour leader Ed Miliband has attacked the lack of action in the Queen’s speech on tackling high pension charges as well as payday loans.
The Government yesterday set out its legislative agenda for the year with bills on long-term care funding, pensions reform and deregulation.
In a debate in the House of Commons following the Queen’s speech, Miliband 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.”
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 claiming it should focus on creating a regional banking system.
Labour wants to see the Bank of England given a reserve power to separate all banks if they do not abide by the ring-fence 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.”
Informed Choice managing director Martin Bamford says: “If this 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.”