spotCampaigns

spotOrganisations

spotArguments for socialism

spotPeople

spotInternational

spotEvents

spotAround the UK


All keywords


All Campaigns subcategories:

Anti-capitalism

Anti-fascist

Anti-racism

Anti-war

Asylum

Black and Asian

Children

CNWP

Corporate crime

Disability

Education

Election campaigns

Environment

EU

* Finance

Food

Gender Recognition Act

Health and safety

Health and welfare

Housing

Human Rights

LGBT Pride

Local government

Local services

Low pay

Migration

Nationalisation

New workers party

NHS

Pensions

Post Office

Poverty

Privatisation

Public Services

Socialism

Socialist

Sport

Stop the slaughter of Tamils

Students

The state

Transport

TUSC

Welfare rights

Women

Workplace and TU campaigns

Youth


Finance keywords:

Appeal (82)

Fighting Fund (95)

Tolls (2)

Finance


Highlight keywords  |Print this articlePrint this article
From: The Socialist issue 963, 20 September 2017: Fight tuition fees

Search site for keywords: Debt - Nationalise - Banks - Workers - Finance - Economy - Interest rates - Fat cats - Bankers

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: 

 







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: 075 4018 9052

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


August 2020

July 2020

June 2020

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