UK should consider ban on interest payments

The British Government pays around £43bn per annum in servicing its public debt. This means that each household in Britain pays around £2,000 per year in taxes to finance the interest.

In all the media talk, about the supposed necessity of cutting public expenditure and raising taxes to help service this huge debt, it’s never once proposed that banning the paying of interest on loans could greatly help matters.

Considering that money is created out of thin air when banks give loans, the banks themselves wouldn’t need to lament as any money given back on such loans would be clear profit for them.

Louis Shawcross

Hillsborough

Co Down