Call for credit to be channelled into long term investment

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A SHEFFIELD University professor is calling on the Government to turn the ailing British economy around by cutting back on the provision of credit for housing and consumption.

Colin Hay, Professor of Political Analysis and Co-Director of the University’s Sheffield Political Economic Research Institute, wants credit to be channelled into long term investment in new technologies, education and infrastructure.

And he is calling for banks to be shamed into reducing the “exorbitant interest rates” they are charging consumers, home-owners and commercial borrowers, which he says are now typically 10 times the base rate.

 

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