Earlier this week Andrew spoke during the Payday Loan debate in the House of Commons and supported tough new action on payday loans whilst calling for improved financial literacy for adults and young people.
Andrew mentioned the explosion in the number of payday loan shops and services in places like Goole, and about trouble he had with debt as a teenager and in his early 20s funding his way through university.
The Government are legislating to impose a cap on the cost of payday loans through the Financial Conduct Authority, a new regulator which the Government established with stronger powers to protect consumers in financial services.
During his time in Parliament Andrew has spoken about personal financial education on a number of occasions and chaired an inquiry into Financial Education and the Curriculum. Many of the recommendations that the Inquiry made were taken up by the Government and put into the school curriculum. The aim was to make the skills young people learn in mathematics and PSHE more applicable to real world problems that people encounter in day to day life. Andrew believes that a good start has been made but there is still much more to do.
