Labour shadow business minister Stella Creasy has accused the Government of "following Labour’s lead" on capping the charges for payday loans.
But she said in a statement that the proposal doesn't go far enough "to address the damage this toxic industry has done":
We want a levy on these companies to expand the funds available to credit unions so they can serve more people, powers for councils to limit the growth of these companies on our high streets and a ban on advertising to children of these products.
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Higher food and petrol prices are expected to send inflation to its highest level in 28 months when official figures are released later.