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Wonga profits up by 36%

Payday lender Wonga has reported surging profits of 36% to £62.5 million as its number of customers swelled to more than one million.

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Unite: Wonga's profits are 'vulture capitalism'

Unite general secretary Len McCluskey branded Wonga's surging profits as "vulture capitalism", after the payday lender's figures showed they were making more than a £1 million a week in profit.

Payday lenders are making their profits on those struggling to make ends meet on a daily basis with outrageous rates of interest that mount up with an alarming speed, causing fear and insecurity. George Osborne's claims of an economic recovery are partly based on an out or control industry that preys on the poor and the low paid.

Osborne's ‘Wonganomics’ of relying on payday lenders to boost consumer spending will not get this economy back on track - it's unsustainable and morally wrong. Ted Heath once spoke of the unacceptable face of capitalism – what we are seeing in 2013 is vulture capitalism, picking wallets and purses clean.

– Unite general secretary Len McCluskey

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