Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/925/23956

From The Socialist newspaper, 16 November 2016

1.5trn household debt - nationalise the banks!

Unmanageable debt is causing spiralling repossessions and evictions, photo Erich Ferdinand (Creative Commons)

Unmanageable debt is causing spiralling repossessions and evictions, photo Erich Ferdinand (Creative Commons)   (Click to enlarge)

Laurel Fogarty, Kingston Socialist Party

The average adult in the UK is now a whopping 30,000 in debt. This is 113% of the average annual income. The total household debt in the UK has rocketed to over 1.5 trillion.

Families are feeling the pinch. These numbers translate into real suffering for ordinary people, with a reported 17 homes repossessed every day - or one every hour and a half this year.

For renters the effects are similar, with 306 landlord possession orders filed every day, as rents are pushed up and wages stagnate.

Resistance

This shines a stark light on the vital need for a cap on rents, a mass programme of council house building, and an effective resistance to evictions as rent arrears accrue.

A huge amount of this massive debt is paid in interest on mortgages, credit cards, and loans - bald profits for the banks and their shareholders.

This naked profiteering in the face of crippling debt, evictions, and repossessions shows that these greedy financial institutions must be nationalised to operate in the interests of ordinary people. Right now, the bosses use them to bury the working class under increasing mountains of unpayable debt.

For young people in particular, this sudden uptick in private debt is crippling.

As students are forced to take out massive loans to fund their education, they also face fierce battles against low wages and increasingly insecure employment.

The fight for free education goes hand in hand with the fight for better working conditions and a 10 an hour minimum wage without exemptions. We need coordinated strikes and a mass party for workers to fight and win these battles, to give young people the hope of a debt-free future.

Why not click here to join the Socialist Party, or click here to donate to the Socialist Party.


In The Socialist 16 November 2016:


It's Socialism or Trumpism

Trump victory: Failure of the Democrat establishment

Lessons for Britain: Trump victory shows the right can't beat the right


Socialism 2016

Socialism 2016: Electrifying and powerful weekend puts socialism on the agenda


Socialist Party workplace news

Mass prison officer walkout over health and safety

Durham teaching assistants strike: 2,000 walk out

London Underground: RMT wins victory

Steel workers' pensions under threat again

Deliveroo couriers get organised

Workplace news in brief


Socialist Party news and analysis

Support the campaign to readmit expelled socialists

Secret hospital closures: bosses must come clean

1.5trn household debt - nationalise the banks!

Court win against bedroom tax not enough

Super-rich investigated


Socialist Party youth and students

Students and workers unite and fight!


Privatisation and the 'race to the bottom'

Privatisation and the 'race to the bottom'


Socialist Party reports and campaigns

Southampton Labour must bin Tory cuts!

Cumbria: Stop axing care home places

TUSC vindicated in censorship protest

Bristol campaigners demand anti-austerity alternative


Socialist readers' comments and reviews

A Street Cat Named Bob: tale of neglect by capitalism

The Socialist Inbox


 

Home   |   The Socialist 16 November 2016   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Debt:

triangleTunisia: explosion of protests against government austerity

triangleA world in crisis, ripe for revolution

triangleRetail sector crunch: nationalise to save jobs

triangleAmber warning lights flash on British economy

triangleMarch for free education! We demand a future!

Nationalise:

triangleRail: fares up, bosses' pay up - delays and cancellations up

triangleNationalise rail now

triangleRBS to sack 1,000: nationalise the banks

triangleWhat we saw

Banks:

triangleThem & Us

triangleWidening wealth gap, increase in poverty...make the fat cats pay

triangleHousing crisis: Corbyn's positive measures blanked by Labour's right

Labour:

triangleCorbyn's Labour needs 100% anti-cuts strategy and fight for democracy

triangleWe must fight all council cuts!

Labour Party:

triangleSustained mass movement needed to stop Tories wrecking our NHS

Union:

triangleFerrybridge: Workers down tools over unpaid wages

PCS:

triangleLocal government pay: fight for the 5% claim, fully funded

Young people:

triangleSweden: School strike against deportations

US:

triangleVictory! Trump's UK visit cancelled by fear of protests

Media:

triangleSocialist sales highest in years as mistrust in capitalist media hits record levels

Jeremy Corbyn:

triangleSalford Socialist Party: Left parties, Greek tragedy and Jeremy Corbyn

Evictions:

triangleHomelessness and evictions soar under the Tories

Militant:

triangleWaltham Forest Socialist Party: The rise of Militant

Education:

triangleSwansea Socialist Party: Fighting for free education

Council:

triangleOpinion: foster care is work - carers deserve workers' rights

Austerity:

triangleSocialist Party women's meeting brings together members to share experiences

News and socialist analysis

News and socialist analysis

17/1/18

Labour

Corbyn's Labour needs 100% anti-cuts strategy and fight for democracy

17/1/18

Trump

Victory! Trump's UK visit cancelled by fear of protests

17/1/18

NHS

NHS crisis: under pressure from all angles - end cuts and sell-offs!

15/1/18

Carillion

Carillion crisis: demand action to save jobs and services

10/1/18

Tories

Cabinet chaos as shambolic reshuffle underlines Theresa May's impotence

10/1/18

NHS

Sustained mass movement needed to stop Tories wrecking our NHS

10/1/18

Education

Bigot Toby Young quits - now scrap the new uni regulator driving privatisation

10/1/18

Them & Us

Them & Us

10/1/18

Teachers

Teacher recruitment falls by a third - cut workload, not funding

3/1/18

Fire service

Fire service victory

3/1/18

Fares

Rail: fares up, bosses' pay up - delays and cancellations up

3/1/18

Higher Education

Mobilise against rip-off executive pay

3/1/18

Virgin

NHS in winter crisis as Branson creams off 1bn

3/1/18

Homes

Thousands live in tents and sheds - seize empty homes

3/1/18

Fat cats

Widening wealth gap, increase in poverty...make the fat cats pay

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party

triangle17 Jan Corbyn's Labour needs 100% anti-cuts strategy and fight for democracy

triangle17 Jan NHS crisis: under pressure from all angles - end cuts and sell-offs!

triangle17 Jan We must fight all council cuts!

triangle16 Jan Home care workers to strike

triangle15 Jan Carillion crisis: Demand action to save jobs and services

triangle12 Jan Outrage against 'monster block' plan

triangle12 Jan Mini-strike wave continues and intensifies

More ...

triangle23 Jan Bristol North Socialist Party: 'You can't have capitalism without racism' - was Malcolm X correct?

triangle23 Jan Cardiff West Socialist Party: How the Poll Tax was beaten

triangle24 Jan Caerphilly Socialist Party: The Carillion scandal

triangle24 Jan Cardiff Central Socialist Party: Carillion collapse - Watershed moment for public services

More ...

Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

Archive

Archives:

January 2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

Legal

SP RSS feed RSS

Platform setting: = No platform choice

V2