Thursday, July 25, 2013

@abcjustin competing Pay Day Loans out of existence...

In 1891 The Salvation Army opened its safer and fairer match factory in East London and put an end to  less equitable and unsafe production in an industry that was destroying lives. It competed with the match making industry and won, safe match production became the norm. Exploitative practices exposed and ended. 

I like the idea of competing wrong out of existence that ABC Justin Welby communicates applying the same match factory principles to the payday loan industry. 

“I’ve met the head of Wonga and we had a very good conversation and I said to him quite bluntly ‘we’re not in the business of trying to legislate you out of existence, we’re trying to compete you out of existence.’" Archbishop of Canterbury

I am really interested to see how this develops as one look down Sutton high street says we have a huge issue developing. 

http://www.independent.co.uk/news/uk/home-news/war-on-wonga-were-putting-you-out-of-business-archbishop-of-canterbury-justin-welby-tells-payday-loans-company-8730839.html

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