theft, in that they dishonestly pocketed behaviour is causing widespread dismay. to pay back around 85K, surely that canʼt
thousands of pounds of tax payersʼ
Indeed, these banks are just two examples
be right? All correspondence to david@
money in second homes are amazingly
of the ʻnew modern loan sharkʼ dwarfing the
hphpublishersltd.co.uk
going to try and worm their way out in an
back street lender.
extraordinary twist – they hope to use
LTI machinery for sale?
High Street Banks have become the
the1689 Bill of Rights to avoid prosecution.
epitome of loan sharking, charging higher
Legal experts... mmm have advised them
interest rates than many back street money
In a recent daily newspaper an article
that, under the ancient law, the Commons lenders and short-term loan companies.
appeared saying that black cab making in
rulebook on expenses is covered by
According to the national press, Lloyds
Britain is feared to be under threat after staff
spotted machinery for sale on a website.
Parliamentary privilege. This, they argue,
Banking Group are the worst offender, they
According to the article workers stormed out
means the book cannot be subject to
charge a staggering £216.32 for someone
that goes overdrawn by £150 for ten days
of the LTI factory in Coventry as a result.
scrutiny by the courts and should protect
without [their] permission. Others who make
After reading it we contacted LTI to find out
them from prosecution. They say that they
borrowing extremely painful is Alliance & what exactly is going on. Rob Laidler, Sales
can only be judged by a committee of
Leicester whose premium direct account Director took the call and explained to us
MPs... now thereʼs a surprise! The Police charge and eye-watering £50, thatʼs if they that LTI are currently working with the unions
probe alone has already cost the tax
let you go overdrawn in the first place as
to find new ways of returning the company
payer £486,000 and has involved up to 13
they are apparently incensed on bouncing
to profitability in the future. One avenue for
Scotland Yard detectives.
direct debits etc and charging the customer
consideration is to increase the number of
around £30 to £32 into the bargain for each
parts LTI share with SLTI their joint Chinese
referred item, which doesnʼt help any small
So... Mr Wells and his cronies would do
venture. As part of these studies an agency
business whatsoever during this recession.
better in performing a quick 25ft u-turn and
was asked to advise what impact these plans
Itʼs a jaw-dropping state of affairs when
concentrate, without amnesty, on the MPs some of these banks rescued by the tax
would have on the layout and operation of
the shop floor. Apparenly, this agency took
and councillors - the real corrupt villains
payer charge more for borrowing than
it upon themselves to advertise some of
of this country who have been cheating
the infamous back street lenders with a
LTIʼs presses on their website. This was not
the system for years, far beyond 1689.
reputation of preying on the poor. These
greedy money-grabbing sharks may have
discussed with LTI and the agency involved
Perhaps he could start with his boss,
persuaded Supreme Court Judges that
has offered their sincere apologies for making
nobodyʼs friend dear grey-haired, black
the OFT canʼt investigate their overdraft
such a basic mistake. Indeed, all of the plans
eye-browed ʻDarlingʼ the Chancellor of
charges; however that doesnʼt make them
are centred around the TX4 and to ensure
the Exchequer (well not for much longer in any way fair. Over paid leaching bankers that the vehicleʼs production continues at the
we hasten to add), nominally head of the
will argue that those who go overdrawn Coventry plant. When the unions saw the
HMRC, who should be setting a squeaky
without permission deserve to be penalised. presses on the website they didnʼt walk out
clean example... we wonʼt mention capital
as stated in the article, they held a meeting
gains tax Alistair...
Weʼre told that this country is now out of during their lunch break, and therefore there
recession and that the economy has grown was no impact on their working hours. Rob
Sharks Us
by 0.1%. However, Britainʼs economic Laidler assured us that LTI continue to work
R
recovery, according to the Bank of England,
closely with the unions and are committed to
In the December 2009 issue of this
could be crippled by the banksʼ refusal to
involving them fully throughout the process.
magazine, we echoed concerns from all
lend money to struggling small businesses.
Another point that we brought to Robʼs
sections of the Taxi and Private Hire industry
It fears firms that want to expand and hire
attention was the concern from a number
about the financial institutionsʼ refusal to
more staff may have their plans halted by
of TX4 owners in Scotland and London that
finance a new or used vehicle because
the lending freeze. In its inflation report, the
parts for the cab have been difficult to obtain
of the potential customerʼs self-employed
Bank said millions of businesses will find
lately. Mr Laidler assured us that LTI have
status. Even people with a squeaky clean
the banks closed for business for years to
a comprehensive stock of components for
credit background are or have been refused
come. The warning is particularly worrying
the TX4 vehicle and is happy to discuss any
funding, and even when theyʼre successful
for the countryʼs 2.5 million unemployed,
further concerns with the drivers involved by
in acquiring finance these banks insist
and what about the knock-on effect?
calling him on 02476 572031
on a huge deposit of which is in most
A recent survey found that many small
cases impossible to raise, not to mention
businesses are being forced to use credit
Hope you enjoy this issue – donʼt forget to
check out our new website!
extortionate interest rates and astonishingly
cards and savings to stay afloat.
theyʼre getting away with it!. Indeed, a taxi Till next month David Millward and
and private hire driver is running a small
Ironically, at the time of writing this editorial
Derek Cummins
business and they continue to be victimised
a couple of e-mails and telephone calls
and betrayed by, letʼs not forget, bailed-out
came our way from several London Taxi
banks pushing many to the brink of collapse.
Drivers. Apparently, they saw a colourful
Two banks in particular, Lloyds TSB and
advert in a London trade paper offering
Quote of the Month
by Jack Rosenthal
RBS partly owned by the tax payer, have
loans with the cab put up as security.
been singled out for their arrogance and
Surely the APR (Annual Percentage
If thereʼs one thing hypocrites
poor performance. Apparently, Tory MP
Rate) quoted at 378.0% was a misprint...
Edward Leigh, Chairman of the Public
or was it? Because if I was to borrow
hate, itʼs hypocrisy
Accounts Committee said that the banksʼ 10,000 over two years I would be looking
Issue 196
taxi talk
January 2010
The no.1 magazine for the uk’s licensed taxi & ph trade... by far! ™
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taxitalk.co.uk www.taxitalk.co.uk
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The ‘Clyde’ Column... Happy New Y
E7 can now join the ranks in Norwich and Liverpo
In this issue...
London T ear we’ve just lost a £1.7m contract!
axi “Made in China” cheap but clas
ol
sy...Taxi Tal
k January 2010.ind
d 1
or visit www.taxitalk.co.uk
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