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Victims of crunch
• THE credit crunch is like financial terrorism on a worldwide basis. What is frightening is that no one knows when it will end and how many victims it will claim.
Children in those families forced to lose their homes will be badly affected. The elderly who lose money will also be badly hit.
Churches and charities will have their work cut out caring for those affected. They will one day be calling for a minute’s silence for the victims of this credit crunch.
MARY COSS
Tollington Way, N7
• JERMY Corbyn is right to highlight the repossession of homes in the current economic crisis (Plea for help in battle to save homes, October 24).
But New Labour has consistently failed to deal with the housing crisis since it came to power in 1997. New council house building has virtually stopped and the sale of existing council accommodation continues.
Other social providers such as housing associations have failed to fill this gap. Meanwhile, Gordon Brown, both as Chancellor and now Prime Minister, has continued the Tory policy of encouraging banks to give mortgages to working people. Mortgages that many will be unable to repay in the coming economic recession.
The dream of home ownership will for many working people become a nightmare of house repossession and mortgage debt.
Bailing out the banks without taking control is perpetuating the system that created this crisis. Taking control of the banks is a crucial tool for running the economy for the benefit of working people. This could ensure, for example, that those facing home repossession could instead have their mortgages converted into an affordable rent.
It could also ensure the launch of an emergency programme of building new council accommodation. If billions can be spent on bailing out the banks then equally there is no reason why billions cannot be spent on funding decent social housing.
PATRICK SCOTT
Islington Respect
• THESE are challenging financial times, and there has been huge publicity about the difficulties facing British banks and the battle to save them. But less attention has been paid to the hardships faced by some other businesses, such as small firms, shops and traders.
At Islington Council we realise the credit crunch hasn’t just hit the big players, and are determined to help local firms feeling the squeeze.
As one small but very practical step, we’ve now improved the payment terms for small and medium-sized firms which supply the council.
Our new policy is to pay all our smaller suppliers from Islington within 10 days, rather than the existing 30.
This step should help ease the pressure on any small local firms finding their own finances hit by the credit crunch.
As a council we’re looking for many real, practical ways to help residents and businesses deal with the downturn. Small steps like this should add up to a big difference.
CLLR LUCY WATT
Lib Dem executive member for business
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