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 will have to monitor the short-term lending market to ensure illegal loan sharks don't fill the "credit gap" left by the reduction of 'payday' lenders, the organisation representing some of the best known short-term lenders has said.
Speaking about the cap on the cost of credit, Russell Hamblin-Boone, Chief Executive of the Consumer Finance Association said;
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.