Midlothian MSP backs First Minister pledge

Colin Beattie - SNP Councillor for Ward 6: Midlothian South. Brown background.
Colin Beattie - SNP Councillor for Ward 6: Midlothian South. Brown background.

Midlothian North MSP Colin Beattie has backed First Minister Alex Salmond’s announcement that payday lenders would face tougher regulation in an independent Scotland.

The plans propose a cap on the amount of interest that payday lenders can charge on a short term loan - similar to some European systems - and also suggest regulating advertising.

The First Minister said that Scots were being forced into poverty by using payday loans due to the high interest rates.

Mr Beattie said: “This is an important announcement from the First Minister and I am glad that the current Scottish government would seek to impose more stringent regulations on these companies in the event of Scottish independence.”