The Financial Conduct Authority will set a cost cap of 0.8% per day for payday lenders, it has announced today.
The financial services regulator says the cap on high-cost, short-term lenders will be introduced in January.
The Financial Conduct Authority expects the number of payday lending firms to fall once costs caps are imposed from 2nd January.
Martin Wheatley, the FCA's chief executive officer, said:
He told the BBC Radio 4' Today programme that banks could meet up to half of the demand, with credit unions and employer loans also playing a role.
The Democratic presidential candidate may also have shown his cards on his choice of running mate.
The US president also shared a post on Twitter accusing Dr Anthony Fauci of misleading the public over hydroxychloroquine.
Fears over an impending second wave of coronavirus dominates Wednesday’s front pages.