Thursday 30 August 2018 / 12:38 PM Economy / Jonathan Reynolds

Jonathan Reynolds responds to announcement that Wonga has decided to stop taking loan applications

Jonathan Reynolds, Labour’s Shadow Economic Secretary to the Treasury, responding to the announcement that payday lender Wonga has “decided to stop taking loan applications”, said:

“We need urgent action from the Government to change this broken model and review the way lending is regulated.

“I cannot mourn the demise of Wonga. Its business model was exploitative and immoral.

“Wonga had become a testament to so much that is wrong with our economy – too many people stuck in insecure employment reliant on short term debt just to keep their heads above water.

“That is why the next Labour government will lift living standards and tackle the persistent debt spiral that many working families have become trapped in by capping exploitative lending, increasing real wages, and ending austerity.”