This week's announcement that a future Labour Government would not only cap the total cost of credit but also introduce a new levy on payday loan companies in order to provide greater support to credit unions is great news and a testament to the hard campaigning of Co-operative Party representatives - like Stella Creasy MP and Kezia Dugdale MSP - and activists up and down the country. Credit unions are a great example of the difference that co-operative solutions can make.
Despite this posturing, the Church of England has no official position on fracking. Somehow, the Church of England has also managed to uncover a Book of Europe in their ever expanding bible. Attacking Cameron for exercising opt out of a fiscal union of Europe under Germany's economic command, they demanded a more 'constructive and positive approach'.
The much reported research by Pew Charitable Trusts, Payday Lending in America: How Borrowers Choose and Repay Payday Loans, notes that some fifty-eight percent of payday loan borrowers have trouble meeting monthly expenses at least half the time, and a worrying seventy-eight percent of borrowers rely on information from lenders, not independent market analysts or comparison sites, when choosing to borrow money.
Last week the new Barclays chief, Anthony Jenkins, called on banks to become more socially useful and to rebuild their customers' trust as revelations of greed, risk and fraud continue four years after the financial meltdown. Until that day arrives, however, there are already banking service providers that are just that; trustworthy and socially useful. They're called credit unions.
Bob Diamond seems like a discerning man. If anyone knows his Maldives from his Margate and his gastronomy from his Greggs the Baker, Bob is our man. So I feel quite relaxed, even pacified that when as expected this Friday he receives his millions in bonuses, he'll know how to spend them tastefully, but also with panache.