Stella Creasy sees today’s announcement that the government does want to cap the cost of payday loan credit as a recognition that Labour was right to campaign on this issue and that consumers are suffering as a result of the current arrangements. But listen again to George Osborne’s Today interview and you’ll note another recognition: that Ed Miliband and colleagues are enjoying some success when they talk about markets not working for consumers.
The Chancellor insisted that this new cap on the interest rates, penalties and arrangement fees for companies such as Wonga did not contradict Conservative free market philosophy, but repeatedly referred to a consensus amount free market thinkers that regulation was needed to make markets work for people.
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