It appears that a representative from Wonga is speaking at a Labour Policy Review meeting on household debt. Whatever next? Advice from McDonald's on healthy eating?
Hat-tip to Richard Murphy for noticing this.
It appears that a representative from Wonga is speaking at a Labour Policy Review meeting on household debt.
Here is the email:
“Monday 13 May
How should we deal with household indebtedness? 4.30-6pm Committee room 6
Speakers. Chris Pond (Chairman, Equity Release Council), Mark Lyonette (Chief Executive Association of British Credit Unions), representative from Wonga Chair. Chris Leslie MP (Shadow Financial Secretary to the Treasury)
If you would like to attend please email onenationregister@gmail.com with subject header DEBT
Labour Policy Review organised with Labour Finance and Industry Group and Labour in the City”
Yes, that is the same Wonga that has a headline annual interest rate of more than 4,200 per cent.
Whatever next? Advice from McDonald’s on healthy eating?
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26 Responses to “Why are Wonga speaking at a Labour policy meeting on household debt?”
LB
Why should we take lessons from people like you?
2005-2010, the state pensions debts which have been hidden off the books went by 736 bn a year.
Raging Leftie
Hilarious! Why on earth would anyone listen to what Wonga had to say about managing debt?
Martin John Prestidge
Why not invite representatives from the Credit Union Movement?
Selohesra
Perhaps the way to deal with it is not to simple focus on misleading headline figure – wonga etc are legitimate business and serve purpose if used responsibly. If I leant Newsbotty £20 and he repaid me a month later and added a beer (£3) to say thank you/interest that would equate to about 4000% – small/short loans have proprtionately higher admin charges than big/long ones. Perhaps some of Labours Millionaires (Ed M etc) could set up cheaper short term loan function whilst they try to fill in their blank sheet of paper
Choddo
They have.