If ever there is a company representing the most abhorrent and vile aspects of modern Britain, Wonga is surely it. Today, I make the case for taking the fight to payday loans companies which represent the financial sector at its very worst. The time has come, I argue, for a state-run alternative to Wonga.
With Christmas just around the corner, it's that time of year when statistics emerge to tell us how many people will fund their annual festivities with some form of short-term credit. This year, the Government-backed Money Advice Service has said that over a million people are considering using a payday loan to fund Christmas; a worrying indication of how deeply ingrained this form of high-cost credit has become in British life.