WALTHAMSTOW MP Stella Creasy has criticised a TV gameshow hosted by Ant and Dec for its sponsorship deal with high-interest loan firm Wonga.


Ms Creasy, who has led a high-profile campaign for limits on the amount the so-called 'legal loan sharks' can charge, said she was dismayed to learn of the company's involvement in the up-coming new series of ITV1 Saturday night programme 'Red or Black?'


The Labour MP wrote on Twitter: “Wonga is wronga until there's caps on the cost of credit”.


She also said she was “plotting the downfall” of the show, which was developed by TV mogul Simon Cowell.


It comes after Ms Creasy raised concerns about the proliferation of lenders in Walthamstow High Street, which rose to seven after 'Instant Cash Loans' was granted permission to open there last November.


Short term lenders deny Ms Creasy's claims that they prey on the vulnerable and insist a cap would drive borrowers into the hands of loan sharks.


A spokesman for Ant and Dec said the presenters were not involved in the show's sponsorship, which pundits have speculated could be worth in the region of £1million.


ITV said it was confident that the sponsorship deal, which will run for seven weeks, complied with broadcasting rules.


Wonga, which charges an annual percentage rate of interest on its short-term loans of 4,214 per cent, said it was excited about its involvement in the show.


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