Debt-ridden young adults face years of money woes. But a new movement hopes to help them.
What does it take before millions will get so angry they’ll move their bank account? Today’s results from Lloyds Banking Group could well be the catalyst.
The news that Eric Van Der Kleij, the outgoing chief executive of the Tech City Investment Organisation (TCIO), has taken up a new role as an advisor to Canary Wharf Group could have massive repercussions for the financial sector in London.
Unparalleled levels of imprudent lending; corrupt banking practices; soaring inflation and rising unemployment; government bank bailouts and an economy dependent on increasing levels of debt to sustain growth. Sound familiar? It would have done to Briton’s in the 1830s.
Heidemarie Schwermer, a German woman, has lived without money for 16 years. Doing odd jobs in return for food and clothes, Heidemarie claims it has made her happier and that money distracts us from what is really important. While an extreme example, I agree with her sentiment. Money does distract us and also scares us. And whilst I don’t think we could all live without money, I do think we could all change our attitude towards it.
Wednesday’s growth figures were as bad as anyone could have anticipated. And while there’s a good chance that they’ll change – the recession could yet be revised away – none of this alters the fact that the UK economy is in the doldrums. Being economically becalmed is bad enough, but we’re even slipping into a recession without a meltdown in the Eurozone.
If the Chancellor was serious about filling the gaping black hole in the country’s finances he’d have used the budget to stop the billions – yes billions of pounds that are gushing out of the economy every year via offshore tax havens.
The current period of financial turmoil has – as on previous occasions – led to considerable speculation and projection by nervous enterprise leaders, confused politicians and interested advocates as to the correct conduct and purpose of business.
What is clear here is the danger of official definitions of happiness: one day you might find yourself on the government sanctioned path to happiness, whether you like it or not.
Landlords are gouging tenants because they can. The demand for rental properties is high because young people cannot get the finance to buy. And there’s severe restrictions on the supply of new rental properties.
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