http://petitions.number10.gov.uk/InterveneNow/

The petition states:

We the undersigned petition the Prime Minister to Intervene to limit the vicious assault by credit card providers & banks upon recession hit Britain by; (1) outlawing the anticompetitive way in which banks set the LIBOR rate, in effect operating as a cartel (2) promoting legislation to limit the interest rates charged on all forms of ‘credit cards’ to no more than 3% above the Bank of England Interest Rate.

Additional Information:

Banks operate a cartel when setting the LIBOR rate. There is no prior consultation with those borrowers directly & materially affected by their decision. Both aspects may be illegal. Credit card suppliers are increasing interest rates to make good their previous negligence & lack of due diligence when doling out credit in the past. There is a precedent for setting a limit to be taken from the introduction, by the Government, of the 1% World in the Life & Pensions sector.