Labour MP Stella Creasy is in danger of being labelling a blinkered bigot, if her outbursts at short term loans continue without any reasoned argument to back up her claims.
And The Mirror are just not helping by labeling certain sectors of the finance industry (short term loan and instant cash loan lenders) as charging ‘extortionate rates’ in the hope of sensationalising the story which, on the grounds of what was printed, hardly merited the space devoted to it. Instead, they published the same huge picture of Ms Creasy in the exact same manner as they did the last time the MP vented her crusade against short term loans when the newspaper acted as the mouthpiece.
The real story should be: at last we are seeing evidence of financial planning being brought to people when they need it most – at as early an age as possible. We should not be condemning those instant cash loan companies who are giving themselves selflessly to bring an education to children whose parents, if anything like the average household in the UK, are struggling with finance and therefore rendering themselves unlikely as voices of authority or of little use as guides through the ever changing world of modern day finance.
I ask, who better to teach children about the growing problems of debt in society than firms in the largest single growing financial sector in the UK, placed right at its cutting edge? Perhaps Ms Creasy would like to volunteer herself or one of the last Treasury from her party, who did so well with finance that they left the inheriting Con-Dem government the infamous ‘We’ve spent it‘ note, to educate our children about expenditure?
Even though Young Enterprise, running the campaign, have categorically stated that the Money Shop staff taking part in this tour of financial education are outright banned from promoting their own brand – it is their market knowledge that is being drawn upon – Ms Creasy still managed to fire a shot across the no credit check loans sectors’ bows, although perhaps not reading the small print first, as she suggested the instant cash loan sector were being ‘helped’ to promote themselves. As Catherine Marchant, Money Shop’s chief executive, explained – her staff simply work through a pre-printed booklet with students to give them a better insight into the way the wheels of finance turn today, given its recent upheavals and innovations, to which the instant cash loan sector has contributed greatly.
According to the report, Ms Creasy continued, stating that she held the belief that such organisations ought to be excluded from the education system until their rates were regulated and capped. But what comparison can be drawn between a instant cash loan company being governed by legislation outside of their control and them offering of itself to help future generations manage their finances in a more controlled manner is unclear. Likewise, Ms Creasy is quoted as saying that her parents share her concern. Sorry, but what has that got to do with the price of fish?
In a related story, we again see a legitimate business turn the other cheek as Young Enterprise abandoned one such session in Kent due to their concern that the protests seen outside Money Shop stores would find a way into the schools where it was offering its support and knowledge. The world’s gone mad.