The head of the Consumer Finance Association, which represents the industry, has urged people to consider the full consequences of a crackdown on the high costs and charges enforced by payday lenders.
Anyone who thinks that a price cap is good news for borrowers should have a thought for those many people who will be turned down for loans because the best lenders will have to reject those with the worst credit records.
We support a cap that allows the industry to operate profitably with the right protection in place for vulnerable people. With new regulations and tighter affordability checks, critics must now face up to the fact that most people use, need and like short-term credit and the measures in place are more stringent than for any other form of consumer credit.
More top news
A cool, largely clear night across the UK.
Two ducklings trapped in a sewer were rescued when quick-thinking workers coaxed them back using an iPad recording of their mother's quack.
Gregory Maxwell and Brian Atkins joked they were taking their Australian victim on a 'bush tucker trial' before dumping him beside a road.