As the Bank of England raises the base interest rate from 3.5% to 4%, Ripon Ray shared his thoughts on BBC London Radio with Eddie Nestor on the impact of the rise on people's mortgages, and savings, and bills during the cost of living. We can't forget that on the same day, we hear Shell making unimaginable profits and British Gas's debt collection agent, Arvato Financial Solutions , forcefully putting prepayment meters to indebted and vulnerable communities. You can find all the stories on Eddie's show.

The current welfare state changed in such a way that a true reflection is required as to how this has come about and and its context. Post Second World War, the Attlee government nationalised  the Bank of England, the coal industry, the Central Electricity Generating Board and area electricity boards, Cable & Wireless Ltd, the railways and the local authority gas supply undertakings in England and Scotland. It introduced free education for all by nationalising institutions which were either provided by parishes or philanthropists. The National Health Service was formed and made accessible to everyone regardless of ability to pay.   If you were unemployed there was infrastructure to support you when you could not afford to pay by creating the welfare system as you see today. The expenses of running such a nationalised state was met by cheap loans borrowed from overseas, contributions made by tax payers and companies in times when Britain was...

I noticed how busy members of staff at the London Community Credit Union (LCCU) were during the Christmas festive period. They were very equipped for the season by hiring extra staff. Creditors undeniably know that the period leading up to Christmas is one of their busiest. During the same period, for me, as a debt adviser, its one of the quietest.  Why is it so busy for them and least busy for me? The answer lends itself to supply and demand theory: consumers are borrowing to put Christmas presents underneath Christmas trees for their loved ones and spending on parties leading up to the New Year and holidays. In such an atmosphere, consumers are less likely to think about their debts but more likely to spend - spend - spend. The unwritten policy held by lenders during this time is to open their doors to borrowers to accommodate their seasonal borrowing habit. There is no doubt profit to be made on the return for credit. The Bank of England states...