Government welfare minister receives £10,000 from aggressive loans company | Left Foot Forward.

I question the wisdom of DWP Minister Esther McVey accepting a cash donation from Henry Angest, the Chairman and CEO of Arbuthnot Banking Group. His company owns ‘Everyday Loans’  who provide unsecured loans to people on benefits at up to 80%  APR.

So-called ‘Pay day loans’ companies are generally seen to be adding to debt and poverty amongst the poor and those claiming benefits, so it makes my ‘Spidey Senses’ tingle  when  £10k of a £17.5k loan goes to a DWP Minister. Why would someone responsible for cutting benefits to the most needy in society, think it is acceptable to take money from someone whose company does nothing short of exploit those same people?

I do accept that the gentleman’s personal politics and his money are his own business, but I would also argue that there is a conflict of interest that the government must consider before accepting such a gift. Bearing in mind that  such business operates within guidelines set by the FSA, which operates under UK legislation, this could be seen as an incentive for those who set legislation to look favourably upon a particular company or business sector.

I’m not accusing anyone of anything (at the moment), but I think either the donor or the recipient, should gift that money to a charity which helps people either deal with or avoid debt.

Just a thought…

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