The post you are reporting:
What a can of worms..............
Courtesy Independent...................
How the fruits of financier's high-cost loans found their way into Tory coffers
Conservative party grandee controls firm which charges interest at 75 per cent APR
A top Conservative Party funder is revealed today as the man behind one of Britain's biggest high-cost lenders.
Financier Henry Angest - a friend of the Camerons and a former Tory Treasurer - gave the Conservatives
a £5m overdraft facility shortly before the last General Election at an attractive interest rate of just 3.5 per cent.
The high-cost credit company Mr Angest controls, Everyday Loans, charges members of the public interest
at an average 74.8 per cent APR.
The news - uncovered following analysis of accounts by the Bureau of Investigative Journalism -
will prove awkward for the Conservatives, as Mr Angest becomes the second high-profile Tory donor
profiting from the growing high-cost credit industry.
The Conservative donor and government adviser Adrian Beecroft has a major stake in Wonga,
Britain's best-known payday lender, which charges borrowers more than 4,000 per cent APR.
Mr Beecroft has given almost £800,000 to the Tories in the last seven years, contributing more
than £100,000 last December.
Last October, Jonathan Luff, a senior adviser to David Cameron, quit Downing Street to become
a lobbyist for Wonga.
The Government claimed earlier this year to be cracking down on high-interest lenders.
