Payday loans to be capped

Payday loans costs will be capped under plans being announced by Chancellor George Osborne. Regulator the Financial Conduct Authority will set the level of the cap, which will cover fees charged on the loans as well as interest.

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Labour: Payday cap proposal doesn't go far enough

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.

– stella creasy, shadow business minister

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