Steve Davies appears on BBC Radio 4's Today Programme

Education Director at the IEA, Dr Steve Davies, has appeared on the Today Programme to discuss the FCA’s decision to cap loan charges for payday lenders.

In the interview, Steve makes the point that imposing caps on loan repayments has the potential to put many payday lenders out of business. A large number of people use payday lenders to help them manage their short term cash flow. If the supply of credit shrinks as a result of these caps, those people will be left with few alternatives.

You can listen to the programme in full here. Steve’s segment begins at 02:55:00.