Payday lenders branded 'vultures'

Companies which charge massive interest rates for payday loans have been branded "vultures" by David Miliband.

The leader of the Labour party was speaking after hearing Labour MP and anti-loan shark campaigner Stella Creasy condemn football clubs Blackpool and Hearts and Ant & Dec's Red or Black for accepting sponsorship from loan firm Wonga.

Mr Miliband said that he regarded it as "totally shocking" that firms were demanding four-figure interest rates from people struggling to make ends meet.