Chuka Umunna, the shadow Business Secretary, told The Daily Telegraph Wonga\’s move was \”a damning indictment\” of the British banking system and the failures of the coalition Government to get cash to successful firms.
\”Look at the rates of interest Wonga is charging. This is not cheap money,\” he said.
\”It is such a damning indictment of the failure of Government to get the banking sector working that an outfit like Wonga feels it can step into this market and that there will be a plentiful supply of customers.\”
New entrant into the market, offering sorely needed, as Chuka says, business credit. And Chuka complains. Presumably because it\’s not one of Chuka\’s ideas that the problem be solved by a new market entrant.
What he should be doing of course is applauding the market entrance: and urging other firms to do so too.