Labour Conference - John McDonnell Speech Soundbite

The transcript discusses the application of payday loan rules to credit card debt, ensuring no one pays more in interest than their original loan. It highlights the need for political action, with a potential amendment by the next Labour government, referred to as the McDonnell amendment.

What is the main idea behind applying payday loan rules to credit card debt?

• To ensure interest payments do not exceed the original loan amount

• To increase the interest rates on credit card debt

• To eliminate credit card debt entirely

• To make payday loans more accessible

What does the speaker suggest might happen if the Tories do not take action?

• The Labour government will amend the law

• The current laws will remain unchanged

• Interest rates will decrease

• The Tories will lose power

What is the speaker's plan if the Tories refuse to act?

• To announce changes immediately

• To abandon the proposal

• To wait for the next election

• To amend the law when Labour is in power

What is the 'McDonnell amendment' referring to?

• A political strategy

• A new financial regulation

• A proposed legal change by the Labour government

• A tax reform

What is the significance of the 'McDonnell amendment'?

• It is a plan to reduce government spending

• It is a proposal to increase interest rates

• It is a new tax policy

• It represents a shift in Labour's economic policy