His comments come as the committee publishes its critical report into credit card practices, as well as reporting that the regulator has been too passive.

John McFall, speaking on Sky News this morning, said: ‘Consumers cannot discern between different store cards because there are up to 11 different methods of calculating interest rate charges, you need detailed mathematical knowledge to work that.’

A spokesperson for the Association of Payment Clearing Services told the same programme that the industry are prepared to take action.

Sandra Quinn said: ‘We have been looking at these issues for a couple of years and they have given us a nudge…the issues we have got on our agenda I am sure the Treasury Select Committee will be pleased about next year.’