The following letter has been copied and pasted directly from the The Consumer Forums [webmaster@consumeractiongroup.co.uk] with an apology and explanation that there is no attempt to plagiarise such a brilliant Group. It is just that the subject is of such importance to millions of Britons that it has to be available to everyone with interest. In the current economic climate that means about everyone. This is not to disguise that there is a political message here being exported by Dr Creasy and she is one politician that Notareargunner opposes in theory, but will support in this practice. Good work, Stella.
Boris or Ken. Londoners its got to be Ken. If you want to tell Boris to do the right thing for London and get those legal loan shark ads off our buses, trains and stations too then email him at mayor@london.gov.uk. THEY GOT RID OF THESE ADS ON MANCHESTERS METROLINK.*Boris and Moral Judgements: Of Loopholes, Leadership and Legal Loan Sharks*
This weekend the Times newspaper carried a story about how Transport for London (http://twitpic.com/8563jr) is proposing a new code for corporate sponsorship which would mean payday loan companies would not be able to sponsor events on the network. It follows pressure arising from last year’s sponsorship by Wonga of free new year’s eve travel- something you can read more about here in the archives of my site (http://www.workingforwalthamstow.org.uk/?p=206). This is a surprising development, not least because a year ago the Mayor Boris Johnson wrote to me in response to my concerns about what message his use of this firm was sending to cash strapped Londoners to justify himself. He stated: ‘We make no moral judgments about legitimate businesses that purchase advertisement space or sponsorship.’ he also personally told LBC that : “[Wonga] are a legitimate outfit and they’re licensed to trade in this city and if they want to reduce the cost of travel for people in London then that is acceptable.” This sudden u-turn ahead of this year’s mayoral elections would be welcome, were it not for the loopholes that Transport for London have included. Payday loan companies will still be able to purchase advertising on the transport network in London and indeed if you live near a bus station like Walthamstow, you will have seen the plethora of adverts for Wonga now running on buses. TFL are explicit that this will not change under their new policy. Back in November 2011, Ken Livingstone committed to me (http://www.workingforwalthamstow.org.uk/?p=885) that if he were Mayor of London he would ban all sponsorship and advertisement by high cost credit companies on the tube until the introduction of caps on the costs of credit. These caps would give London’s consumers the same protection from this form of credit others enjoy across the world. It would also make such lending more affordable rather than problematic for many of the capital’s dwellers. These shops now dominate our high streets and one firm estimates a third of all its business takes place in London alone. Tackling the long term debts of Londoners will be key to the future prosperity of the capital because of the impact this has on their ability to help get our regional economy moving, which is why ensuring residents can borrow affordably is crucial.With millions of Londoners now struggling financially as the cost of living in the city surges and unemployment or wage freezes hit their household budgets, these firms are profiting from the refusal of the Government to regulate their charges. Taking a stand against them would send a strong message to the Government that we need reform of our consumer credit market urgently for the good of our economy and our society. We face a choice in May at the ballot box between a London Mayor who shows leadership on this issue by sending a strong message that these kinds of companies are not welcome here until they’re responsible lenders, or a London Mayor who finds a loophole to let them continue to target the capital’s consumers? For me there’s no contest. In the meantime, if you want to tell Boris to do the right thing for London and get those legal loan shark ads off our buses, trains and stations too then email him at mayor@london.gov.uk.
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