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Consumer Credit

Volume 129: debated on Wednesday 9 March 1988

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67.

To ask the Chancellor of the Duchy of Lancaster if he has any plans to seek to change the level of protection afforded by the Consumer Credit Act.

The Consumer Credit Act already provides comprehensive protection for consumers. I have no plans to change the basic framework of protection provided by the Act although I propose amendments to the Act, when there is a suitable opportunity, to simplify and clarify certain provisions which have caused difficulty both for lenders and their customers. I also propose amendments to the Act to remove all business hire and credit from its scope. These changes have been supported by organisations representing unincorporated businesses and sole traders who are at present within the scope of the Act. I am also proposing to amend the Consumer Credit (Advertisements) Regulations to clarify and simplify the existing provisions and provide additional safeguards for

Table 1

Type of work distribution of new first degree university engineering graduates entering United Kingdom employment (per cent.)

1980

1982

1984

1985

1

1986

All engineering
Engineering, scientific, technical, computing8785848383
Financial23446
Other1012121410
Mechanical engineering
Engineering, scientific, technical, computing9388868686
Financial12334
Other69101010
Electrical and electronic engineering
Engineering scientific, technical, computing9493949491
Financial1111
Other65668
Numbers entering employment
All engineering5,0655,3256,4176,4125,362
Mechanical engineering8411,0081,1641,1971,010
Electrical, electronic engineering1,2571,4181,8521,7741,013

1 The university subject classification changed in 1986. The apparent short fall in electrical and electronic engineering is due to a major part of this subject group being transferred to other categories in the classification, where they are not readily identifiable.

Source: Universities Statistical Record, First Destinations Survey, annual volumes.

Table 2

Sectoral distribution of new first degree university engineering graduates entering United Kingdom employment (per cent.)

1980

1982

1984

1985

1

1986

All engineering
Manufacturing6061656361
Finance, commerce578810
Other3633272930
Mechanical engineering
Manufacturing8079777674
Finance, commerce34657
Other1616181919

borrowers, particularly in the area of secured lending. I believe that these changes would enhance the present level of borrower protection while at the same time reducing the burden on business.