Join the Socialist Party Join us today!

Printable version Printable version

Facebook   Twitter

Link to this page: https://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:

Donate to the Socialist Party

Coronavirus crisis - Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

  • The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
  • Our 'fighting coronavirus workers' charter', outlines a programme to combat the virus and protect workers' living conditions.
  • When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to donate to our special coronavirus appeal.

Please donate here.

All payments are made through a secure server.

My donation £

 

Your message: 

 


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:

triangleLebanon - mass protests cut across sectarian division

triangleNHS debt so high it can't be repaid - so don't pay it!

triangleMass movement topples governor of Puerto Rico

triangleTheresa May admits tuition fees system is broken - but plans new attacks on students

triangleWhat lies behind the US-China trade war?

Nationalise:

triangleNationalise British Airways to stop 12,000 redundancies

triangleCardiff East Socialist Party: Nationalise the drug companies

triangleWe need tests for all now! Nationalise production and research

Banks:

triangleThem & Us

trianglePrince Andrew outrage exposes establishment

triangleKarro Foods victory Hull

Workers:

triangleBlack and Asian Covid-19 deaths: an indictment of capitalist inequality

triangleStrong union response needed against job cuts

Finance:

triangleCoronavirus crisis finance appeal

Economy:

triangleTrump, coronavirus, capitalism, and the presidential race

Interest rates:

triangleNew recession fear stalks the world economy

Fat cats:

trianglePrivatisers sue NHS - kick out the fat cats and fully nationalise our health service!

Bankers:

triangle10 years since the financial crash - the socialist answer to capitalist crisis

News and socialist analysis

News and socialist analysis

26/5/20

Coronavirus

United action can defeat Tories' dangerous school plan

22/5/20

Coronavirus

Black and Asian Covid-19 deaths: an indictment of capitalist inequality

20/5/20

Coronavirus

Johnson's reckless 'back to school' plans threaten everyone's safety

20/5/20

Coronavirus

Confidence plummets in Tory strategy for Covid-19

20/5/20

Benefits

Universal Basic Income: not a solution to insecurity and poverty under capitalism

20/5/20

Covid

Furlough cut-off could force millions back to unsafe workplaces

20/5/20

Council

Crisis in council services: Labour must fight or stand aside

20/5/20

Rich

Rich get handouts - workers get pay cuts

19/5/20

Coronavirus

Transport workers and passengers mustn't pay the price

13/5/20

Coronavirus

Pandemic shortages caused by capitalist market - socialist planning is the alternative

13/5/20

Coronavirus

Tories put profit before lives - unions must stand firm on workplace safety

13/5/20

Coronavirus

Stay alert to bosses putting profit before safety

12/5/20

Coronavirus

Furlough scheme extended - workers need 100% of wages

11/5/20

Coronavirus

Dispatches from the front: bosses prepare fresh attacks on NHS

7/5/20

Welsh Government

Social partnership is an attempt to shackle trade unions and prevent industrial action

triangleMore News and socialist analysis articles...


Join the Socialist Party
Subscribe to Socialist Party publications
Donate to the Socialist Party
Socialist Party Facebook page
Socialist Party on Twitter
Visit us on Youtube

LATEST POSTS

CONTACT US

Phone our national office on 020 8988 8777

Email: info@socialistparty.org.uk

Locate your nearest Socialist Party branch Text your name and postcode to 07761 818 206

Regional Socialist Party organisers:

Eastern: 079 8202 1969

East Mids: 077 3797 8057

London: 07748 534 891

North East: 078 4114 4890

North West 079 5437 6096

South West: 077 5979 6478

Southern: 078 3368 1910

Wales: 079 3539 1947

West Mids: 024 7655 5620

Yorkshire: 077 0671 0041

ABOUT US

ARCHIVE

Alphabetical listing


May 2020

April 2020

March 2020

February 2020

January 2020

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999