Payday loans cap to 'protect against exploitation'

Payday loans costs will be capped in a bid to protect borrowers from being exploited, Chancellor George Osborne said.

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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.