Miliband: 'Wonga economy' a symbol of living cost crisis

As firms including Wonga were being questioned by MPs over the controversial issue of payday loans, the Labour leader Ed Miliband tweeted:

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The Wonga economy is one of the worst symbols of Britain’s cost of living crisis. More in my speech later.

Watch: Wonga critics 'jump to conclusions', boss claims

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Miliband's payday loans attack

Labour leader Ed Miliband has attacked payday loan lenders, claiming that "the Wonga economy is one of the worst symbols of this cost of living crisis." A Wonga executive has told MPs his firm's practice compares 'favourably' with credit cards.