Labour on loans levy: 'Payback time for payday lenders'

Labour has pledged to impose a levy on the profits of payday lenders to help support lower-cost lending from credit unions and boost money advice services.

If elected in 2015, it would introduce an extra charge on the lenders, which charge up to 4,000% interest, on top of fees already paid by all finance firms.

Shadow business minister Stella Creasy told BBC News it was "payback time for these payday lenders".

She said, "Some of these companies are making a million pounds a week... They need to pay their share for the damage they're doing."