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Thousands protest against loan sharks

Thousands of protesters will target legal loan sharks across Britain today.

Thousands of protesters will target legal loan sharks across Britain today.

The People’s Assembly has thrown its weight behind campaigners in towns and cities including London, Manchester, Leeds, Liverpool, Ashford, Derby, Doncaster and York mobilising against payday lenders that cash in on victims of the government’s vicious austerity programme.

The sharks can charge charge annual interest of 2,000 per cent and more.

Unite general secretary Len McCluskey backed the protests, saying: “The fact that Wonga’s profits rose to £62.5 million in 2012 urgently reinforces the need for legislation to curb payday lenders and also for a Treasury select committee probe into this industry.

“Payday lenders are making their profits on those struggling to make ends meet on a daily basis with outrageous rates of interest that mount up with an alarming speed, causing fear and insecurity.”

Journalist and campaigner Owen Jones said that Britain’s “boom industry” was food banks to feed the hungry as a million struggling families a month are forced to borrow from the sharks to pay bills.

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