Britain's business secretary and the consumer affairs minister will meet the Archbishop of Canterbury on Tuesday to forge new draft legislation and guidelines for credit unions in order to protect vulnerable consumers from 'predatory' payday loan companies.

Speaking exclusively to IBTimes UK on camera, the minister for employment relations and consumer affairs, Jo Swinson says that the Department for Business, Innovation & Skills are creating a new set of robust practices to make sure consumers can protect themselves against falling into a debt spiral.