Labour MEPs will vote to save UK business £480m a year

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Labour MEPs will vote tomorrow for a new EU law to cap credit and debit card fees, which will save British business £480 million.

For debit cards, this cap will be at 0.2% of the overall value of the transaction, and for credit cards it will be 0.3%.

The legislation will come into force in September 2015.

Anneliese Dodds MEP, member of the European Parliament economic and monetary affairs committee, said:

"This will be great news for British shopkeepers and British shoppers alike - with the fees charged for using credit and debit cards capped once and for all. Thanks to action taken by Labour MEPs at a European level, the costs of doing business will come down - and prices should fall too.

"This is exactly the kind of thing we should be tackling at a European level, and it shows what we can achieve when all 28 EU countries work together.

"We know technology can often make the world easier: you can take a small piece of plastic with you on holiday and take money out of a Spanish ATM or pay for dinner in an Italian restaurant. But it can make the world less transparent as well, if we are not careful - we don't always know whether it is working in our interests.

"That is why Labour MEPs are standing up to vested interests, for the benefit of British businesses and British families. Thanks to this new law, UK shoppers' lives will be a little clearer, a little fairer and a lot cheaper."

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