This is undoubtedly true. But the message is really in the headline, which is:
Lenders must stop stoking demand for loans: or there’ll be another firestorm
There is another way of dealing with this issue that I proposed in The Courageous State. This is to reduce the demand for excessive consumption that drives much (but not all) of this credit creation process. I explicitly explored the relationship between the two, which I think is deliberate and pernicious, in that book.
Didn’t he get the memo? The credit increase is because of Tory austerity, isn’t it?
Still, tax advertising instead eh? MOAR TAX!