Support credit unions and drive out loan sharks
The Mayor of London should play a key role in driving out loan sharks across London, according to a new report recently launched by Caroline, her London Assembly colleague Stephen Knight and Lynne Featherstone MP, at the London Capital Credit Union in Islington.
The report, "Payday London", sets out a number of policies that the Mayor could adopt to tackle the problems created by payday lending and illegal lending. By actively supporting the growth of credit unions, with low and capped interest rates, more Londoners could avoid resorting to lending at exorbitant interest rates and frequently entering a cycle of unsustainable debt.