GEORGE Osborne has done a dazzling u-turn by announcing a cap on pay day loans В— but denied caving into force from Labour.
The Chancellor stated the ceiling that is new addressing charges in addition to interest levels, can help avoid hard-up families accumulating debts.
While laws and regulations will cap expenses, the actual degree will likely be set by the state watchdog.
The landmark move comes following the Coalition repeatedly rejected LabourвЂ™s require a limit, with ministers warning it may force individuals to the hands of vicious loan sharks. Read more