Stella Creasy MP, Labour’s Shadow Consumers Minister, responding to the BIS committee report on advertising by pay day lenders, said:

“The evidence shows there’s been a 2,235% increase in adverts for payday loans flooding our airwaves over the last few years. This is worrying enough but the evidence also shows that half were shown during daytime hours shows and that many under 16s that have been subject to these adverts when the companies say they don’t target children.

“Labour has led calls for reform not just of the cost of credit but also its promotion - including an end to marketing at our kids to address this kind of irresponsible advertising. But this Government has failed to act. The next Labour government will ask the Advertising Standards Authority to prevent irresponsible advertising by pay day lenders that targets or exploits children and young people.

“There is no justification for ever selling pay day loans during children’s TV. Labour will stop it. If this cannot be done through the advertising watchdog, we will do it through legislation.”