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CCR2 Public sector debt


A party political broadcast


A novel proposal to government to cut the country’s use of consumer credit for ‘excessive’ purchases


Arthur Kaufman Independent writer and speaker arthur35art@hotmail.co.uk


Good evening voters. Tonight I would like to speak about our nation’s debt problems. What I am referring to is the increasing


amount of personal debt incurred by so many ordinary people. This is not to say that Her Majesty’s government does not borrow large sums of money, but what it owes is gradually decreasing, which is not the case where individual finances are concerned. You may be aware that the total amount


of personal debt is estimated to be around the one and a half trillion mark, which by any standard is very worrying indeed, especially where our children and grandchildren are concerned. Still, I will not burden you with how much we owe on average, since this varies considerably, even amongst members of the same family. But we have to accept that the country’s current financial state is directly linked to those who have taken too much advantage of easily available credit. In our long-term interests, the present situation cannot be allowed to continue.


Difficult times I know that these are difficult times, what with rising prices and cutbacks in important services, along with the declining value of our currency, once aptly described as the ‘pound in your pocket’, albeit one we can now easily overspend on, especially by way of the internet. Most of us will remember what happened around 10 years ago because too much had been lent by banks and other institutions (who should have known better) to too many hard working men and women, much too quickly at much too low interest rates. But we now realise that those ‘in the


know’ – the so-called financial experts – are not immune from making bad decisions when it comes to fiscal matters of national importance.


28 Well, what should be done about the


situation as it currently exists, with little sign of substantial improvement in the foreseeable future? I promised myself that I would not sit here tonight and blame the other political parties for the problems I have just outlined, since we all know successive governments of either persuasion have not succeeded in making the population as a whole live within its means and, unfortunately, have not exactly provided a good example when it comes to borrowing as well managing money sensibly. But, there is no point in crying over spilt


milk. Instead, let us look to a future where our finances can be put on a better footing, so we will all be better off when reducing the likelihood of another monetary crisis while still recovering from the previous one, the effects of which are still with us. At this point, you may be thinking, “we


have heard it all before” or “it is just another politician making promises he will never keep”. Well, to prove that my party means business, I will outline just what we propose to do. In this way, you will be in a position to make up your mind before entering the polling booth. Even more importantly, you


can then compare our programme with those put forward by our political opponents. Briefly, we propose that, in addition to


the now familiar VAT of 20% charged on goods and services, that there be a Fiscal Added Charge (FAC) of 10%, albeit charged only on goods and services purchased on credit. In other words, if you choose to buy an item on credit, either say, by debit or credit card, whether or not your account is already in too much debt, you will then end up paying 30% in added tax – that is VAT plus FAC instead of just the old rate VAT of 20%. This would even apply to the widespread


leasing arrangements on motor cars, as there is now serious concern over the implications of having a car newer and more expensive than one would normally be able to afford and then being unable to pay off the remaining balance due at the end of the leasing period, and perhaps then being invited to take out a new lease on another vehicle as though taking on a continuing ‘mortgage’ on a series of cars, in addition to the mortgage on a home, which, in effect, could be construed as having two long- term mortgages. In having to pay an additional 10% in


We propose that, in addition to the now familiar VAT of 20% charged on goods and services, that there be a Fiscal Added Charge (FAC) of 10%, albeit charged only on goods and services purchased on credit


www.CCRMagazine.co.uk


a FAC, whether for a wide range of goods or services, including such as holidays abroad, our proposal is not only intended to discourage prospective purchasers from spending more than their incomes will bear, but also in helping to rein in their personal debt and, just as importantly, reduce the total of the UK’s personal debt accordingly. What I am advocating, should not be


considered as ‘belt-tightening’, because, in the majority of purchases, it will be entirely a matter of choice whether one wishes to pay only 20% as opposed to 30% in added tax, as opposed to the amount we have


September 2017


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