It's austerity Christmas: buy now, pay considerably more later

Adverts for short-term loans are everywhere. These companies know that people are more cash-strapped

Adverts for short-term loans are everywhere. These companies know that people are more cash-strapped than ever.

Austerity Christmas it is, then. Is it worth getting the giant inflatable Homer Simpson in a Santa suit out of the loft? Can you afford the illuminated parade of sparkly reindeer? Or, more importantly, can you afford the bills in January? And what can you do if you can't?

Those jolly companies who offer short-term loans -- with the 1000 per cent and 2000 per cent and sometimes nearly 3000 per cent APR figures not nearly as prominent as the smiling faces of the families who are HAPPY because they have CASH -- are filling up the advert breaks.

They're not dumb. Parasitic, perhaps; feasting on the misery of others, quite possibly; evil, well I wouldn't go that far -- but not dumb. They know that this year, more than many others in recent times, people are going to be feeling less festive about opening their wallets than ever before -- and they're offering the "buy now, pay much more later" solution to tide folk over.

Britain's been living on tick for a while now. With banks cheerfully whacking overdraft penalty payments onto the accounts of people who've overspent by a couple of quid, the never-never is getting more and more expensive.

But what do you do? Those of us who are fortunate enough to have paid employment are just clinging on and hoping that we're going to ride out the storm. Having been plunged into the void of joblessness earlier this year, I'm here to tell you that there are few better feelings than going back to work and feeling like you have a purpose in life again. Is it enough money to make everything all right again, though? Well, that's a different thing altogether.

This is the time of year when we're bombarded with aspirational messages that tap into our sense of entitlement. We want our lives to be like those glamorous people in adverts, swaggering from one crystal-embellished cocktail party to another; we think our children should be ignoring the mountain of presents at the foot of the John Lewis kid's bed in order to thank us for being so great, and buying them so many things.

Our leaders tell us that debt is bad, mmkay. For months, we've been lectured about how the economy is a bit like a credit card, which has been maxed out -- because we plebs are essentially thick, you see, we can't be trusted to handle concepts any more complex than the idea of a credit card -- and how everything now needs to be paid back. But how many of us are making the kind of swingeing household cuts that will see us pay everything back in a couple of years and get us back on track?

We don't mind so much if it's those nasty grasping public sector folk who are being bashed around the head and told they've got to cough up more pensions, because they were getting too much in the first place; but when it's us and our responsibility, we're not going to pay it back unless the red-topped letters start appearing.

There's a strange chasm, then, between what we're told to do by our leaders, on the one hand; and what the tempting short-term loan companies are (entirely legally) telling us on the other. Do we scrimp and save, or do we splurge now and regret it later? It could be a big, big hangover in the new year.

Patrolling the murkier waters of the mainstream media

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Former Labour leader Ed Miliband tells Jeremy Corbyn: "I would have gone"

Jeremy Corbyn's predecessor broke his long silence to say the leader's position was "untenable". 

The former Labour leader Ed Miliband has swung his weight behind the campaign to oust Jeremy Corbyn after describing his position as "untenable" and declared he would have resigned already.

His intervention is seen as significant, because since losing the general election in 2015, Miliband has taken a step back and refused to publicly criticise his successor. 

But the day after Labour MPs voted they had no confidence in Corbyn, the former leader has finally spoken. 

Miliband told BBC Radio 4's World at One that his position was "untenable". 

He said:

"We are at a time of acute national crisis, a crisis I haven't known in my political lifetime, probably the biggest crisis for the country since World War II.

"At that moment we in the Labour party need to think about the country.

"I've supported Jeremy Corbyn all the way along from the moment he was elected because I thought it was absolutely the right thing to do. A lot of what he stands for is very important. But I've relcutantly reached the conclusion that his position is untenable."

 

But with Corbyn already defying the opinion of most of his parliamentary colleagues, this alone is unlikely to have much effect. It's what Miliband says next that is crucial.

Corbyn has argued the vote of no confidence against him was unconstitutional. Miliband thinks otherwise. He said: "You are the leader of the Labour Party, the leader of the party in parliament and the leader of the party in the country. Some people are saying this is unconstitional. In our constitution it says if a fifth of MPs support another candidate there is another contest."

And he implied it should not even get to a leadership contest: "No doubt that will follow if Corbyn decides to stay. but the question then for him is what is the right thing for the country and the party and the causes he stands for."

Miliband also hit out at accusations of a conspiracy to oust Corbyn:

"I've never been called a Blairite. I'm not a plotter. I'm somone who cares deeply anpout this country, deeply about my party, deeply about the causes I think Jeremy and I care about. I think the best thing on all of those criteria is that he stands down."

Asked what he would have done in the same situation, he replied: "I would have gone.

"One of the reasons I'm speaking out is because of what people are saying about this proceess. If you look at the people saying Jeremy should go, it's not people on one wing of the Labour Party.

"I had my troubles with certain people in the Labour Party. Some of them ideological, some on other issues, but this is not ideological." Some of Corbyn's ideas could continue under a new leader, he suggested. 

Miliband shared his views just minutes after his former rival, the Prime Minister David Cameron, told Corbyn it was not in the national interest for him to remain as leader. "I would say, for heaven's sake man, go," he told the Opposition leader at Prime Minister's Questions. 

Although the Brexit vote was a devastating blow for the PM, the aftermath has unleashed equal waves of turmoil for the Labour Party.

Corbyn's refusal to resign sparked a series of resignations from the shadow cabinet. Unmoved, he replaced them. Meanwhile Momentum, Corbyn's grassroots political organisation, held a rally in support outside Parliament. 

On Tuesday, Labour MPs voted 172 to 40 in favour of a no confidence motion, which paves the way for a leadership challenge.

But Corbyn described the vote as unconstitutional and pledged he "would not betray" the Labour Pary members, who gave him a sweeping mandate in 2015.