The Respublica think tank — founded by ‘Red Tory’ Phillip Blond — is to launch a report hailing the potential “social good” of the parasitic payday loan industry. That this bonkers notion is seeing the light of day may have something to do with the report being “kindly supported by” the Consumer Finance Association — the, errr, trade body for payday lenders.
The report will be launched at an event in parliament on Monday where speakers will include the CFA chief executive. This follows on from similarly-themed conference season events, also sponsored by the CFA.
You couldn’t make this stuff up:
“It will examine ways in which the short-term finance sector can become a source of social good, helping consumers ‘climb the credit ladder’ through integration of the sector with the consumer credit market more widely, and show how these firms can also be part of effectively supporting those who fall into unsustainable debt.
And with Wonga offering business loans through it’s (now re-branded) Everline arm, perhaps Respublica themselves could do with some short-term credit.
The think tank’s latest accounts show the Red Tory’s operation in the red to the tune of some £100,000.