Why are there so few Credit Unions in Britain?
Credit Unions are non profit organisations run by members for members, which are part of the co-operative movement and run for mutual benefit. They are very much to be encouraged and indeed their promotion is certainly part of the Progressive Pulse vision. However British credit unions have strikingly failed to become widely established despite strong government support (on both sides of the house), leaving the ‘sub-prime’ sector vulnerable to pay-day lenders such as Wonga with very high interest rates which can reach as much as 1509% APR.
In contrast Credit Unions have a capped rate of 1% per month or 12.7% APR.
Err, the rate cap means they can’t attract the deposits?
It was recently announced that the UK came 19th in the World Happiness Report and yet we are allegedly the fifth richest economy in the world.
What is the point?
– the economy is not achieving what its essential purpose should be and we are at least 14 places too low.
Now if we were number 4 in the World Happiness Report that would be a result.
Err, we want GDP per capita, not just gross GDP, and we want it at PPP too. Where the UK is 24 in the list. Meaning that our happiness is 5 places up from our economic ranking. Neoliberalism makes you happy, you see?
Our May 2017 Book of the Month is Richard Murphy’s “Dirty Secrets”.
Blimey, never saw that one coming.
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