Business leaders call for a cap on credit interest rates
Business leaders throughout the UK have today called on the government to introduce a cap on credit card and loan interest rates. They believe that not only will this allow many small and medium sized businesses to secure affordable finance but it will also take some of the pressure off the UK population and give them more money to spend which should encourage a more stable economy.
However, this is a very difficult situation because the UK is a free economy and has for many years been void of such strategies as capping interest rates and other such limitations. The government has already attempted to push the banks into a corner just prior to the taxpayer led bailout and while they thought they had secured an increase in finance for UK businesses and consumers this has not happened. Whether legal agreements need to be signed and delivered is debatable but the distinct lack of finance in the markets is having a serious impact on the UK economy.
Difficult times call for difficult measures and although UK government has been very active on a number of fronts many are now calling for more radical strategies even though they may cause some upset in certain areas of business.
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