Thursday, 13 June 2013

Legal loan shark Henry Angest charges hard-up families up to 200% interest while Tory Party are offered just 3.5%

Banker Henry Angest has given them more than £1million in cash and offered to lend another £5million at just 3.5% interest 

A Tory multi-millionaire makes money as a legal loan shark by charging customers interest of up to 200% – but offers “mates’ rates” to David Cameron.

Banker Henry Angest, 72, has given the Conservatives more than £1million in cash and also made a standing offer to lend them another £5million at just 3.5% interest.

That is a fraction of the rates charged by Mr Angest’s Everyday Loans company, a probe by the Daily Mirror and the Bureau of Investigative Journalism found.

The revelation he is involved in consumer credit has fuelled claims Mr Cameron will not cap interest rates because he’s in the pocket of wealthy backers. 

Arbuthnot Banking Group chairman Mr Angest, with an estimated personal wealth of £45million including a farm in Perthshire, is one the elite group of supporters to be rewarded with intimate dinners at Downing Street and Chequers.

Another major Tory donor, Adrian Beecroft, has a major stake in payday lender Wonga. 

Yesterday the PM sidestepped demands for a crackdown on rip-off credit firms by calling for more support for credit unions. 

But Labour MP Stella Creasy, who wants to limit interest charged by firms such as Everyday Loans and Wonga, said: “People struggling to understand what the Government has against capping the cost of credit want reassurances they have not been lobbied by the donors over cosy dinners in No10.” 

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