Murray backs action over 'shark' lenders

EDINBURGH South Labour MP Ian Murray is backing moves to crack down on lenders who make large profits by exploiting the poor.

He was among a cross-party group of backbenchers who successfully pressed for a debate in the Commons, due to be held within the next few weeks, on capping the cost of credit and regulating high-interest unsecured lending.

Around three million people across the UK are estimated to use the high-cost door-to-door or home credit lending market.

Mr Murray said: "It's time for action to tackle the problems caused by legal loan-sharking. Communities across Britain, including Edinburgh South, are being targeted by unscrupulous lenders who are legally allowed to charge whatever they want for credit."