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.
Labour MP Stella Creasy, who has has led a relentless campaign to control the costs of payday loans, has said that the 0.8% cap on costs for high-cost lenders is "way too high," saying it is an "early Christmas present for legal loan sharks."
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.