Loan sharks are preying on the poor whilst being protected by the government. In 1987 BBCs Panorama investigated loan sharking. Tony Blair, then city spokesman for the Labour Party, told the programme: You need some measure of control and regulation to ensure that the unscrupulous arent lending to the desperate when there is no possibility of repayment
Sixteen years and two Blair election victories later and there is still no sign of any such regulation. Lending to the poor at incredibly high rates of interest goes well beyond the seedy and shady local loan shark, however. Sub-prime lending is a multi-million-pound mainstream business. And not only has Labour failed to reign in the lenders who prey on the poor, the party has actually invited them to its conference, where they pay for the platforms government ministers speak from.
Provident Financial boss Robin Ashton earned 408,000 last year. His firm made 82m in profits. The Provy makes its money lending to the poor via door-to-door agents. More than a million and a half Britons borrow from the firm. Its annual percentage rates (APR) of interest work out at around 177 per cent. The firm claims these high charges...
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