Justin Welby’s intervention in the issues around credit has been thoughtful and interesting. Many people say that payday loan companies with their sky high interest rates should be banned -the Archbishop is seeking to provide safe, affordable alternatives through credit unions. In his words, to compete the payday people out of business not to legislate them out of business. Credit unions go back to the foundations of ethical banking – local, accountable, and relying on some community of interest to encourage people to keep up repayments. You know it is your neighbours if you do not.
I’ve seen a number of recent commentators stating that a lovely new baby will help restore economic confidence. I like babies, but the fact is we have a million people unemployed for more than a year, no obvious work to find them, and our young people are facing a toxic cocktail of tuition fees, youth unemployment and high rents and house prices. I think we need bright ideas from all directions if this is all to be more than a summer heatwave,