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Labour plans payday loan providers levy to invest in low-cost credit

Labour plans payday loan providers levy to invest in low-cost credit

Labour has pledged to impose a levy regarding the earnings of payday loan providers to help support lending that is lower-cost credit unions and improve cash advice solutions.

Shadow business minister Stella Creasy told the BBC it absolutely was time that is»payback these payday loan providers».

Payday loan providers say they offer a valuable solution to their clients.

But Ms Creasy, whom became Labour’s shadow customer and competition minister within the reshuffle that is recent stated: «several of those businesses are making a million pounds per week.

«they have to pay their share for the destruction they truly are doing.»