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- Labour is calling for a cap on sky-high interest rates
- Miliband claims tax would double £13million fund for credit unions
- 'For too many families the end of the month is now their own personal credit crunch,' he will say
Payday lenders would be forced to pay millions of pounds in tax to fund lower-cost alternatives, under plans announced by Ed Miliband today. The Labour leader said the tax on payday lender profits would be enough to double the £13million currently provided by the government each year to fund the expansion of credit unions. Payday lenders offer short-term loans to tide over customers who run out of money while waiting for their monthly pay cheque,....Read more here