A community bank in Middlesbrough town centre to challenge pay day lenders has been recommended by council chiefs.
A new community bank to be based in the heart of Middlesbrough is at the core of Labour mayoral candidate Cllr Dave Budd’s campaign to secure the position in May, when current Independent Mayor Ray Mallon will step down.
Deputy Mayor Cllr Budd, Executive member for finance and governance, has recommended in a report to be put before the Executive on Tuesday that Moneywise Community Banking be provided with a two-year grant totalling £85,000 to support its plans to locate to a town centre premises.
It aims to help over three years 4,000 new members, provide 1,200 training courses and issue loans amounting to just over £0.5m.
A loan from Moneywise of £300 with a typical APR of 26.7% over 12 months, the total repayable amount would be £342.79.
In comparison, the council report states the same loan from a doorstep lender (APR 272%) would cost £546 to repay; from an online instant loan (APR 1058%) it would cost £627.54 to repay; and from an illegal lender or loan shark (APR 1000%), it would cost £2,900 to repay.
Moneywise Community Banking – a not-for-profit member owned credit union – will deliver a number of financial support services including safe and easy savings; an optional Visa debit card service; low cost loans; Christmas savings club; white goods and furniture at discounted prices; free employability training; and debt and money management advice.
It was originally based in Hartlepool and now operates across Teesside, East Durham and North Yorkshire with offices in Redcar, Hartlepool and Scarborough. It is regulated by the Financial Services Authority and the Prudential Regulation Authority, which is also the case with banks.
All member savings within Moneywise are fully protected by the Financial Services Compensation Scheme so members can save safely in the knowledge that they cannot lose their savings, the report said.
Cllr Budd has said previously that a “modern, effective” credit union for Middlesbrough has to be “competitive and give an instant answer like companies such as Wonga do”.
“This has worked elsewhere and it can work in Middlesbrough. It will offer credit at fair rates and gives all Middlesbrough residents the opportunity for greater financial security.”
The report states that the two-year £85,000 grant would be funded through existing resources within the Community Support Fund.
Moneywise and Middlesbrough Council would work together to identify suitable premises.
Source – Middlesbrough Evening Gazette, 14 Jan 2015
Defrocked UKIP MEP Godfrey Bloom, a swivel-eyed loon of the first order, has come up with another one – ban the unemployed from voting.
He has attacked the fact that some will still get a vote even if they have “contributed nothing to the national exchequer at all and maybe never will”.
You might well think he’s talking about corporations who pay no tax here, or rich individuals who can afford accountants to bend the rules to avoid paying their fair share, but of course no…Bloom subscribes to that weird right-wing theory that the poorest are to blame for everything, and are probably doing it just to be spiteful.
No, his solution is that the electoral system needs to give “more electoral power” to the wealthy who “create the revenue”.
In other words, a system where the vote of the richest is always worth more than that of the poorer electorate, and those at the bottom getting none at all.
Good thinking Godfrey ! When the worst off in society cant even comfort themselves with the thought of voting idiots like you out at the next election (even though that prospect is a rank outsider at the best of times) then maybe bombs not ballots will become the order of the day. Because once you’re totally disenfranchised, what have you got to lose ?
He explained his rationale further – “I do not expect to vote in a Unite ballot because I am not a member and pay no dues. I do not expect a vote at Marks and Spencer’s AGM because I am not a shareholder. We need to get to a system where the interest of the individual and the state are more compatible.”
Yes Godfrey but… you see, this is a nation, not a company or a trade union. The vast majority didn’t apply to join it, we just ended up here as an accident of birth. If the accident had been slightly different some of us might have been born with silver spoons in our mouths and would spend our days trying to dodge paying taxes rather than scraping by.
And this idea that the poorest contribute nothing. Bloom, who apparently worked as a financial economist (although it may be worth noting that in 2008 Bloom’s company,TBO, was fined £28,000 by the Financial Services Authority for ‘posing an “unacceptable risk” to customers) doesn’t seem to realise that however poor you might be you still pay taxes – Council Tax and VAT at the very least. Some unfortunates also have to pay the Bedroom Tax. So lets have less of this “contributing nothing” crap.
Of course the man’s an arse, although what that makes the people who voted for him I shudder to think (and I am almost tempted to suggest that they are the people who should have their right to vote removed).
He is a member of the Ludwig von Mises Institute, a tax-exempt libertarian organization located in Auburn, Alabama. Its website states that it is dedicated to advancing “the Misesian tradition of thought through the defense of the market economy, private property, sound money, and peaceful international relations, while opposing government intervention” and has published views critical of democracy, which authors in Institute publications have called coercive, and incompatible with wealth creation… so I think we have pretty good idea of where he’s coming from.
Bloom, who seems to hate women almost as much as the poor, confessed that has visited brothels in Hong Kong. He claimed however he never consummated the visits (even the most hard up prostitute has to draw the line somewhere …) and also claimed “terrified young women beaten into prostitution often from Eastern Europe […] is only a very small aspect of the flesh trade”, and concluded that “in short, most girls do it because they want to.”
After inviting students from the University of Cambridge Women’s Rugby Club to Brussels in 2004, he was accused of sexual assault, making “sexist and misogynistic remarks” and using offensive language during a dinner party. One student handed a formal letter of protest to the President of the European Parliament, heavily criticising Bloom’s behaviour.
Bloom who sponsored the club with £3,000 a year, admitted making misogynist comments but denied sexual harassment. Perhaps, given his Hong Kong experiences, he thought his three grand actually entitled him to act like that.
In December 2008, Bloom was carried out by an intern after making a speech in the European Parliament while drunk, the second occasion on which he was accused of being drunk in the chamber. During the speech, Bloom denied that MEPs from Poland, the Czech Republic or Latvia have the ability to understand economic relations.
On 24 November 2010, Bloom was ejected from the European Parliament after directing a Nazi slogan at German MEP Martin Schulz who was speaking in a debate on the economic crisis in Ireland. Bloom interrupted Schulz and shouted “Ein Volk, ein Reich, ein Führer“ at him.
Bloom was filmed at the 2009 United Nations Climate Change Conference in Copenhagen congratulating the French for bombing the Rainbow Warrior, a Greenpeace ship, in 1985.
In the clip, posing in front of the present Greenpeace flagship, Rainbow Warrior II, Bloom said, “Here we have one of the most truly fascist boats since 1945, well done the French for sinking (it).”
Truly a prince among men…