Britain plans new regulations after setbacks [Video]

Britain’s new Labour government will soon set out updated plans to regulate the “buy now, pay later” industry, a government spokesperson told CNBC.

A Treasury department spokesperson said the government will do so “shortly,” echoing earlier comments from Tulip Siddiq, the new economic secretary to the U.K. Treasury, to Parliament on Wednesday.

“Regulating Buy Now Pay Later products is crucial to protect people and deliver certainty for the sector,” the Treasury spokesperson told CNBC via email Thursday.

Earlier this week, Siddiq, who was selected as the U.K.’s new city minister following the landslide election victory of Keir Starmer’s Labour Party, told lawmakers that the new government is “looking to work closely with all interested stakeholders and will set out its plans shortly.”

This follows multiple delays to the roadmap for …