Shapps Helps to Defeat 'Payday Loans' Cap

Housing Minister Grant Shapps has helped to defeat an amendment to the Financial Services Bill that would have capped the total costs that can be charged for 'payday loans'.  Shapps was among 266 MPs who voted against the amendment, put forward by the Labour MP Stella Creasy. Creasy has fought a long-running campaign against high street lenders such as Wonga and The Money Shop, branding them "legal loan sharks" for the high rates of interest they charge.  Read more on 24dash.