Payday loan companies levy pledged by Labour

Payday loan companies would be hit with a levy on their profits under a Labour government, Ed Miliband has said.

The Labour leader wants to crack down on what he called "exorbitant" interest rates charged by payday lenders.

Some firms can charge up to 4,000% interest on short-term loans.

Mr Miliband said the levy would fund the creation of alternative lenders like credit unions.

James Landale reports.