Sources insist it is not a U-turn and that the Financial Services Bill would already have given the FCA some powers to cap payday loans.

BBC: Payday loan rates 'to be limited'

He has not publicly called for the elimination of any government agencies (although he reportedly suggested dispensing with Housing and Urban Development at a fund-raising event), but he does want to both cut and cap federal spending, and turn expensive federal programmes such as Medicaid and food stamps into block grants administered by the states.

ECONOMIST: Republicans are for states�� rights��when it suits them