Cathy Jamieson MP, Labour’s Shadow Financial Secretary to the Treasury, responding to Competition and Market Authority proposals for payday lending, said:

“Labour has consistently called for greater competition and more transparency across retail finance, including in the payday loan market. Pay day lenders must clearly state the interest, fees and charges associated with their products, to allow customers to make an informed choice.

“However, we believe that more should be done. A Labour Government will extend the levy on the profits of payday lenders and use the additional money to double the level of Government funding for credit unions.“

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