Sheffield MP backs payday loan levy plan

Paul Blomfield with his bill to regulate payday lenders
Paul Blomfield with his bill to regulate payday lenders
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Sheffield Central MP Paul Blomfield has welcomed plans to make pay-day lenders fund more debt advice.

Mr Blomfield, who launched a campaign to ‘stop the rip-off’ of payday lenders with new regulations, said: “It’s absolutely right that payday lenders, who create many of the problems people face, should provide the extra resources that are needed.”

The Low Commission has suggested a levy on payday loan companies.