A CHEEKY Labour MP suggested yesterday that Wonga should be made to compensate customers it threatened with fake legal letters to the tune of £203 trillion. 

Andy Sawford insisted the loan shark should be forced to cough-up at the same sky-high interest rates it charges. 

The Corby MP made the suggestion in the Commons after Wonga agreed to repay £2.6 million to people it had harassed for repayments with letters from nonexistent solicitors. 

He asked: “Can we have emergency legislation on compensation and compound interest to make Wonga pay out not £2.6 million compensation for unfair practice but, at their own outrageous interest rates of 5,853 per cent, make them pay £203 trillion?

“Perhaps then they would understand the misery they cause.”

Leader of the Commons Andrew Lansley defended Wonga’s right to target Britain’s poorest for high-interest pay day loans as “perfectly legitimate business.”

But he claimed the government was taking “tough action” against abuses through the Financial Conduct Authority (FCA).

However, the FCA admitted on Thursday that its hands were tied because it did not carry out the initial investigation in 2011. 

Labour Middlesbrough MP Andy MacDonald asked for a statement from Tory Chancellor George Osborne over whether Wonga’s directors would be stripped of their credit license. 

“Is the government’s priority and focus the protection of Tory Party friends and donors?” he asked. 

Mr Lansley replied: “The latter part of your remark is uncalled for and inaccurate.”