Socialist Worker

Payday loan boss wants to sack you

Issue No. 2304

Adrian Beecroft has written a report for the government saying bosses should be able to sack workers more easily.

This venture capitalist is the chairman of Dawn Capital, the owners of payday loan firm Wonga—which charges interest at 4,214 percent.

A survey this week found that more than six out of ten people who get payday loans need the cash to pay for essentials like food and nappies.

Sky-high fees then trap them into a “downward spiral of debt”, it added.

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Tue 22 May 2012, 17:25 BST
Issue No. 2304
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