KEN Livingstone joined MP Stella Creasy and residents at a picket to beat "legal loan sharks".

Dozens of residents turned out to demonstrate at The Money Shop in Hoe Street, Walthamstow this morning (February 9).

Stella Creasy, Labour MP for Walthamstow, organised the picket to highlight Ken Livingstone's pledge to ban tube adverts for companies that pay out short term loans at high interest rates.

A spokesman for the Money Shop said: “We do not currently advertise on the Tube or have any plans to do so in the future.

"We are a professional short-term lender, fully regulated by the Office of Fair Trading (OFT) and only offers its payday loan products to those with a bank account and with an income.

"The Money Shop constantly checks that its advertising complies with OFT and ASA regulations and we are transparent about our charges and interest rates which are always displayed in-store and online."