Stella Creasy MP, Labour’s Shadow Minister for Competition and Consumer Affairs, speaking ahead of an expected report from Which?, said:

“Three years ago this Government promised to crack down on hidden bank charges and excessive interest rates on credit cards. Millions have been left paying the price of their failure to act.

"Evidence banks have increased overdraft charges to the point some cost as much as payday loans underlines the need to reform Britain’s consumer credit market. Both are bad news for consumers struggling to make ends meet because both are a rip off- that’s why we urgently need caps on the cost of credit, bank charges and improved access to affordable finance and money and debt advice services.

"At a time when families are facing a cost of living crisis we need to end the raw deal consumers are getting - it is clear the Government won’t act but Labour will.”