Miliband: Ban kids TV loan ads

Ed Miliband has called for payday loans adverts not to be allowed to air during children's programmes and warned Labour would change the law to ban them if necessary.

Payday loan ads 'groom a new generation of children'

We've been calling for a ban on payday loans on children's TV. The risk is they effectively groom a new generation of children, normalising, legitimising and mainstreaming this dangerous type of niche borrowing.

Marketing is at the core of these loans, which cause many people pain and misery.

They're slick, fast, efficient technological plays, the crack cocaine of lending that have created a market that didn't really exist five years ago - and sadly our lack of regulation means they thrive here while other countries have far more effective controls.

To hear the Leader of the Opposition pick up the cudgel is a joy.

– Martin Lewis, the founder of MoneySavingExpert.com

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Miliband calls for ban on childrens TV payday loan ads

Labour leader Ed Miliband Credit: Press Association

Ed Miliband has called for payday loans adverts not to be allowed to air during children's programmes and warned Labour would change the law to ban them if necessary.

The opposition leader accused lenders of "putting pressure on our kids" with child-friendly, animated commercials to take advantage of families feeling the squeeze.

He called for them to be treated as gambling and junk food promotions, and said if the Advertising Standards Authority failed to act, a Labour government would legislate.

Mr Miliband has targeted what he dubs the "Wonga economy" as a symbol of his campaign to highlight the rising cost of living.