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Eu Credit Law 'a Threat To British Consumers'

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EU credit law 'a threat to British consumers'

see - http://www.telegraph.co.uk/news/main.jhtml...6/ixuknews.html

British home owners and shoppers will lose out under Brussels plans to harmonise consumer credit laws across the European Union, a House of Lords committee warned yesterday.

The peers fear that the plans will strip British consumers of important protection against unscrupulous lenders and credit card firms.

The Commission's proposals would allow consumers in one country to get a mortgage or loan from a lender in another.

The new directive would force all EU countries to sign up to a common level of consumer protection and stop them introducing extra safeguards. The plans contrast with existing EU rules, which set minimum standards of consumer protection but allow countries, such as Britain, to bolster these with additional laws.

Lady Thomas of Walliswood, chairman of the House of Lords EU select committee, said: "A single market would give consumers more choice and open up huge opportunities for UK finance houses. But the appropriateness and impact of these proposals has not been adequately researched."

The report said that the "most effective way" of offering more choice to consumers would be to make it easier for firms to open branches in other countries or form partnerships with local lenders.

They urged the European Commission to make a "proper" assessment of its new directive.

Wouldn't the above in bold mean that house prices will always be 'high' because consumers can always go to another country to get cheaper credit? Especially given that the ECB rates are much lower than the UK's at the moment. The report above doesn't really focus on this at all, but won't this be a problem to those of us who are expecting a crash?

Edited by azzuri

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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