Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: http://www.socialistparty.org.uk/issue/963/26171

From The Socialist newspaper, 20 September 2017

Defuse the consumer debt time bomb: nationalise the banks!

Take the wealth off the 1% - nationalise the banks! photo Paul Mattsson

Take the wealth off the 1% - nationalise the banks! photo Paul Mattsson   (Click to enlarge)

Laurence Maples, Lambeth Socialist Party

Still recovering from the last crisis? Hold on to your wallet, Britain's bankers are storing up another one.

The Financial Conduct Authority has urged the government to tackle the explosion in consumer debt, now standing at £200 billion.

When even the fat cats are saying it, you can be sure the problem is serious. MPs have also highlighted the extent of the crisis, demanding an inquiry.

Nominal consumer debt has risen 24% in five years, increasing by a staggering 10% last year. At the same time, mortgage debt has increased by 10% - and student debt has risen by 114%, now at over £100 billion, due to the increase in tuition fees.

A rise in interest rates or increase in unemployment could bring this house of cards crashing down, with devastating effects for working class people.

Meanwhile, incomes have flatlined and in many cases fallen, so 8.3 million people now have problem debts.

Workers in the gig economy and on zero-hour contracts are forced to borrow for essentials, as their incomes can fall short of their needs at any time.

Predatory payday lenders make a killing as workers' debts grow and grow. Scandalously, local authorities chasing council tax arrears are often the most aggressive debt collectors, sending bailiffs round at the first opportunity and loading debtors with the cost.

All of this amounts to a looming crisis for working class people, potentially hit by a toxic cocktail of banks, payday lenders, councils, car dealerships, utilities companies and others demanding payments.

End this madness now. The Socialist Party demands:

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


In The Socialist 20 September 2017:


Socialist Students

Fight tuition fees

Why do young people need socialism?


Socialist readers' comments and reviews

Refreshing, anticapitalist - but little pointing a way forward

Interview: the "socialist John Le Carré"

The Socialist Inbox


What we think

Labour conference: Corbyn's support must be used to defeat Blairites


International socialist news and analysis

Brutal repression of Rohingya people sparks massive humanitarian crisis


Socialist Party news and analysis

Grenfell inquiry begins: not sufficient, not trusted

Strike to save our NHS!

Fight expansion of disastrous 'Universal Credit' welfare system

Defuse the consumer debt time bomb: nationalise the banks!


Workplace news and analysis

Deal concludes Barts health strike - "We have raised our heads high"

Bin workers vote to continue action following rally

CWU strike ballot - why I'm voting Yes

Fight university's 'sackers' charter'

McStrike solidarity event

London Buses safety campaign


Socialist Party reports and campaigns

Protest to pressure Labour to scrap Haringey redevelopment plans

Fight for an alternative to the misery of capitalism

Tragic death highlights Chatsworth ward closure risk

East London summit fails to address housing crisis

Interest at Nottingham Green festival


 

Home   |   The Socialist 20 September 2017   |   Join the Socialist Party

Subscribe   |   Donate   |   Audio  |   PDF  |   ebook






Related links:

Debt:

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!

triangleYoung people being strangled by debts

Nationalise:

triangleNationalise rail now

triangleRBS to sack 1,000: nationalise the banks

triangleWhat we saw

triangleWe're freezing: reverse cuts to boiler replacement schemes!

Banks:

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

triangleThem & Us

Workers:

triangleSupport the Crossrail Woolwich walkout

triangle110 years ago: massacre at Santa Maria school in Chile - commemorate 21 December 1907

Finance:

triangle'Paradise' for billionaires - austerity for us

Economy:

trianglePowerful picture of the Port Talbot steel workers' struggle

Interest rates:

triangleGlobal finance: Are those storm clouds ahead?

Fat cats:

triangleThe Socialist inbox

Bankers:

triangleTories torn - bin them now

News and socialist analysis

News and socialist analysis

13/12/17

Labour

Labour 'purge' furore really just democracy

13/12/17

Brexit

Brexit deal no solution to Tory rifts

13/12/17

Housing

Two in five 'right to buy' homes now for let

13/12/17

NHS

Save our NHS

13/12/17

Them & Us

Them & Us

13/12/17

Fees

Uni market 'failure', two-year degrees - end cuts, scrap fees!

13/12/17

Retail

Retail sector crunch: nationalise to save jobs

8/12/17

Government

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

6/12/17

Labour

Corbyn's Labour can defeat Tories with socialist programme

6/12/17

NHS

Branson sues NHS: kick out the profiteers

6/12/17

Immigration

Royal wedding exposes them-and-us visa system

6/12/17

Banks

RBS to sack 1,000: nationalise the banks

6/12/17

Homelessness

Rough sleeping crisis: make homes, not arrests

6/12/17

Poverty

End Tory war on poor

6/12/17

Rail

Nationalise rail now

triangleMore News and socialist analysis articles...


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

triangle16 Dec Blairite council 'all ears' to rich property developers

triangle16 Dec Arriva bus drivers' action wins pay rise

triangle14 Dec Stop the rotten redevelopment plan, demand residents

triangle13 Dec Six months on - still no justice for Grenfell

triangle13 Dec Movement growing against fracking giant Ineos

triangle13 Dec Totnes MP uses coffin controversy to distract from brutal NHS cuts

triangle13 Dec Trump's incendiary Jerusalem statement reignites Israeli-Palestinian...

More ...

triangle18 Dec Leeds Socialist Party: Religion and Socialism

triangle19 Dec Bristol North Socialist Party: Christmas social

triangle21 Dec Wakefield Socialist Party: Socialists and the National Question

triangle6 Jan Socialist Party national women's meeting

More ...

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

Archive

Archives:

December 2017

November 2017

October 2017

September 2017

August 2017

July 2017

June 2017

May 2017

April 2017

March 2017

February 2017

January 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