The Office of Fair Trading has estimated that the payday loan market was worth £2.0 to £2.2 billion in 2011/12, which corresponds to between 7.4 and 8.2 million new loans.
This figure is up from an estimated £900 million in 2008/09.
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PM used a speech in Hamburg to say that the UK will not 'pull up the drawbridge and retreat from the world' but Europe must change.
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The Independent has announced it is to cease publication and go online only from the end of March.