Labour leader Ed Miliband has attacked payday loan lenders, claiming that "the Wonga economy is one of the worst symbols of this cost of living crisis." A Wonga executive has told MPs his firm's practice compares 'favourably' with credit cards.
Representatives of the UK's biggest payday lenders have been accused, by the Consumer Minister, of failing to get their house in order.
It follows an admission that they don't always share data with each other, meaning borrowers can run-up debts by taking out multiple loans. The lenders were speaking at a one-off session in Parliament.
ITV News Consumer Editor Chris Choi reports
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.