Payday lenders branded 'vultures'

Ed Miliband. Credit: PA

Companies which charge massive interest rates for payday loans have been branded "vultures" by David Miliband.

The leader of the Labour party was speaking after hearing Labour MP and anti-loan shark campaigner Stella Creasy condemn football clubs Blackpool and Hearts and Ant & Dec's Red or Black for accepting sponsorship from loan firm Wonga.

Mr Miliband said that he regarded it as "totally shocking" that firms were demanding four-figure interest rates from people struggling to make ends meet.