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    These companies do need sorting out........

    Labour leader Ed Miliband declares tax war on payday lenders

    The lending companies would fund credit unions under a Labour government

    Payday lending companies would be hit by higher taxes under a Labour government, with the money

    raised used to build up their credit union rivals, party leader Ed Miliband will announce today.

    Labour would raise about £20m a year from controversial lenders such as Wonga - either from a

    1 per cent levy on their balance sheet or a 10 per cent profits tax.

    The revenue would double the £13m a year currently provided by the Government to expand credit unions,

    alternative non-profit groups which lend money with a maximum interest rate of 26 per cent annually.

    Mr Miliband's intervention will put pressure on the Coalition to rein in payday loan firms, amid mounting

    concern about their sky-high interest rates, sometimes of more than 5,000 per cent APR.

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