Labour has pledged to impose a levy from the earnings of payday loan providers to simply help support lending that is lower-cost credit unions and improve money advice solutions.
Shadow company minister Stella Creasy told the BBC it had been “payback time for these payday loan providers”.
Payday loan providers say they supply a service that is valuable their clients.
But Ms Creasy, who became Labour’s shadow customer and competition minister within the reshuffle that is recent said: “several of those organizations are creating a million pounds per week.
“they must spend their share for the destruction they may be doing.”
She stated the companies were “aggressively focusing on individuals, as soon as they have them inside their claws, they keep squeezing and squeezing them”.
Ms Creasy, the Labour MP for Walthamstow, included: “a number of other companies have actually arranged voluntary organisations, like Drink Aware and Gambling Aware, whenever their products or services are causing dilemmas. Yet this industry sits around saying there is no harm being done.
“these businesses have to take duty for the harm they are causing in communities like mine, where I got 18 of the businesses to my street that is high alone. Continue reading