Indeed the most startling thing about this industry is that if you look at the biggest 5 lenders they all offer precisely the same APR on £200 borrowed over 31 days. It cannot be a coincidence that they all quote a staggering, yet precise 1286.10% APR. This is a clear indication that the market is not operating openly here,
Jesus Bloody Christ.
Exactly the same price being charged by all players in a market can indeed be evidence of collusion. It can also be evidence of a perfectly competitive market. You know, that near mythical thing talked about in all the economics text books, the one where producers are price takers, where they have no individual influence over said prices?
If someone in a Tory Shadow Cabinet doesn\’t know this then we\’re right fucked, aren\’t we?