While MPs fail to control payday lenders, local groups are coming together to protect vulnerable people
An average three-bed house cost £2,000 in 1952. In 2012 it costs £162,000. That’s an inflation of 8,000%. Have you ever wondered – I mean really wondered – why this is the case?
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.
What magic is this? I must confess some disappointment about the lending targets agreed by the Chancellor with the banks. As a gross figure the £200bn target doesn’t make any allowance for firms paying cash back. Thus a net repayment of debt by firms across the economy is perfectly consistent with a large gross target, though admittedly unlikely.
Vince Cable suggested in the Commons yesterday that there might be a fee levied for early repayment, in the same way that a fee is charged by banks on those who pay off their mortgage earlier than agreed.
But I’m not sure the bank loan analogy is valid. And I’m also not sure this is the burning issue of fairness that some are suggesting.
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