Prime Minister Gordon Brown has announced plans to make credit and store card operators "clean up their acts" with a set of consumer protection measures to be unveiled over the coming week. Skip related content
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PM vows economic upturn by 2010
Mr Brown said that "sharp practices" like increasing interest rates on existing debts without explanation, issuing unsolicited credit card cheques and relaxing credit limits without being asked should end.
His comments came in a podcast, released on the 10 Downing Street website and YouTube on the 80th anniversary of the Wall Street Crash, in which he pledged to reform the financial sector and restore growth in the UK economy by the end of the year.
Following yesterday's surprise announcement that the British economy shrank by 0.4 per cent in the third quarter of 2009 and was officially in the longest recession since records began, Mr Brown warned it would be "suicidal" to put recovery at risk by cutting spending now, as the Conservatives advocate.
"Although there are signs that confidence is beginning to return in some areas, we need to be cautious," he said.
"Now, more than ever, is the time for steady and clear policies. That is why it would be suicidal to put recovery at risk by suddenly cutting off the funding and investment that is supporting young people, families and businesses through the most challenging times in a generation."
Tributes have been paid to a schoolgirl who died after slipping in her high heels and falling under a train while waving goodbye to her friends.
