Pub Date : 2018-09-06DOI: 10.1093/oso/9780198732235.003.0010
S. Aveyard, Paul Corthorn, Sean P O'connell
The long-term perspective taken by The Politics of Consumer Credit in the UK affords fresh evidence on a number of significant historical debates. It indicates that Britain’s departure from pathways followed in other European consumer credit markets was not simply a by-product of neo-liberalism’s influence on late-twentieth-century governments. It has also allowed us to offer important contributions on questions such as the impact of political ideologies over policymaking, the validity of a right–left framework for analysing politics, the extent to which a post-war consensus existed (and was broken after 1979), and the question of how adept British political parties were in exploiting the emergence of a more affluent electorate....
{"title":"Conclusion","authors":"S. Aveyard, Paul Corthorn, Sean P O'connell","doi":"10.1093/oso/9780198732235.003.0010","DOIUrl":"https://doi.org/10.1093/oso/9780198732235.003.0010","url":null,"abstract":"The long-term perspective taken by The Politics of Consumer Credit in the UK affords fresh evidence on a number of significant historical debates. It indicates that Britain’s departure from pathways followed in other European consumer credit markets was not simply a by-product of neo-liberalism’s influence on late-twentieth-century governments. It has also allowed us to offer important contributions on questions such as the impact of political ideologies over policymaking, the validity of a right–left framework for analysing politics, the extent to which a post-war consensus existed (and was broken after 1979), and the question of how adept British political parties were in exploiting the emergence of a more affluent electorate....","PeriodicalId":276717,"journal":{"name":"The Politics of Consumer Credit in the UK, 1938-1992","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130631954","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-06DOI: 10.1093/OSO/9780198732235.003.0008
S. Aveyard, Paul Corthorn, Sean P O'connell
Chapter 7 addresses consumer protection issues from the 1970s onwards. It discusses the increasingly complex connections between mortgage and consumer credit, particularly in terms of second mortgages. It discusses the consumer credit protection put in place by the Consumer Credit Act. It explains how important decisions taken at that point increased further the UK’s diverse and liberalized consumer credit markets and enabled the survival (and growth) of forms of sub-prime credit that died elsewhere in Europe. The chapter also addresses issues around credit discrimination on the grounds of race and gender. It probes the reaction of consumer groups to the backlash to consumerism and the liberalization of personal finance markets under the Thatcher regime. The chapter also breaks new ground in exploring the impact of Europe, with an exploration of the hostile response that emerged when the European Parliament’s Consumer Directive threatened to curtail the UK’s consumer credit markets.
{"title":"Truth in Lending? Consumer Credit and Social Policy after Crowther","authors":"S. Aveyard, Paul Corthorn, Sean P O'connell","doi":"10.1093/OSO/9780198732235.003.0008","DOIUrl":"https://doi.org/10.1093/OSO/9780198732235.003.0008","url":null,"abstract":"Chapter 7 addresses consumer protection issues from the 1970s onwards. It discusses the increasingly complex connections between mortgage and consumer credit, particularly in terms of second mortgages. It discusses the consumer credit protection put in place by the Consumer Credit Act. It explains how important decisions taken at that point increased further the UK’s diverse and liberalized consumer credit markets and enabled the survival (and growth) of forms of sub-prime credit that died elsewhere in Europe. The chapter also addresses issues around credit discrimination on the grounds of race and gender. It probes the reaction of consumer groups to the backlash to consumerism and the liberalization of personal finance markets under the Thatcher regime. The chapter also breaks new ground in exploring the impact of Europe, with an exploration of the hostile response that emerged when the European Parliament’s Consumer Directive threatened to curtail the UK’s consumer credit markets.","PeriodicalId":276717,"journal":{"name":"The Politics of Consumer Credit in the UK, 1938-1992","volume":"157 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128136028","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-06DOI: 10.1093/oso/9780198732235.003.0007
S. Aveyard, Paul Corthorn, Sean P O'connell
Between 1970 and 1989 the two main parties began to diverge on the sale of council homes, particularly after the election of Margaret Thatcher in 1979. The chapter explains the widening ideological fissures on social housing and home ownership. The spread of home ownership during this period continued the ‘tenurial revolution’, which began in the interwar period. In the same period, a co-relationship had developed between mass markets in consumer durables and owner occupation. The relationship was amplified further in the 1980s amidst a credit boom and rising levels of home ownership. This chapter focuses on the role of the Conservatives’ renewed focus on the right-to-buy policy that turned many council tenants into members of the expanded property-owning democracy.
{"title":"A Nation of Mortgagors, 1970–1989","authors":"S. Aveyard, Paul Corthorn, Sean P O'connell","doi":"10.1093/oso/9780198732235.003.0007","DOIUrl":"https://doi.org/10.1093/oso/9780198732235.003.0007","url":null,"abstract":"Between 1970 and 1989 the two main parties began to diverge on the sale of council homes, particularly after the election of Margaret Thatcher in 1979. The chapter explains the widening ideological fissures on social housing and home ownership. The spread of home ownership during this period continued the ‘tenurial revolution’, which began in the interwar period. In the same period, a co-relationship had developed between mass markets in consumer durables and owner occupation. The relationship was amplified further in the 1980s amidst a credit boom and rising levels of home ownership. This chapter focuses on the role of the Conservatives’ renewed focus on the right-to-buy policy that turned many council tenants into members of the expanded property-owning democracy.","PeriodicalId":276717,"journal":{"name":"The Politics of Consumer Credit in the UK, 1938-1992","volume":"23 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116518756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-06DOI: 10.1093/OSO/9780198732235.003.0005
S. Aveyard, Paul Corthorn, Sean P O'connell
Between 1964 and 1971 the UK suffered great economic difficulties, including repeated balance of payments crises, leading to a prolonged credit squeeze, the seeking of loans from the International Monetary Fund (IMF), and the devaluation of sterling in 1967. These issues dominated control over consumer credit. Hire purchase terms control continued to feature in government economic management, producing stronger objections from the consumer durables sector. While the Treasury saw them as a useful demand management tool, the Board of Trade complained of their damage to British industry and the Crowther Committee established to examine consumer credit called for their abandonment. There was also growing pressure, particularly from the Bank of England, to move away from the use of ceilings on bank lending. In 1971, a new system of credit control was introduced, reliant on changes in the cost of credit rather than restrictions on its overall availability.
1964年至1971年间，英国遭受了巨大的经济困难，包括反复出现的国际收支危机，导致长期的信贷紧缩，向国际货币基金组织(IMF)寻求贷款，以及1967年英镑贬值。这些问题主导了对消费信贷的控制。政府的经济管理继续采用分期付款条款控制，这引起了耐用消费品行业的强烈反对。尽管财政部将其视为一种有用的需求管理工具，但英国贸易委员会(Board of Trade)抱怨称，它们对英国工业造成了损害，而为审查消费者信贷而成立的克劳瑟委员会(Crowther Committee)则呼吁放弃它们。此外，要求取消银行贷款上限的压力也越来越大，尤其是来自英国央行(Bank of England)的压力。1971年，实行了一种新的信贷控制制度，依靠的是信贷成本的变化，而不是限制信贷的总体可得性。
{"title":"Crisis and Credit Control, 1964–1971","authors":"S. Aveyard, Paul Corthorn, Sean P O'connell","doi":"10.1093/OSO/9780198732235.003.0005","DOIUrl":"https://doi.org/10.1093/OSO/9780198732235.003.0005","url":null,"abstract":"Between 1964 and 1971 the UK suffered great economic difficulties, including repeated balance of payments crises, leading to a prolonged credit squeeze, the seeking of loans from the International Monetary Fund (IMF), and the devaluation of sterling in 1967. These issues dominated control over consumer credit. Hire purchase terms control continued to feature in government economic management, producing stronger objections from the consumer durables sector. While the Treasury saw them as a useful demand management tool, the Board of Trade complained of their damage to British industry and the Crowther Committee established to examine consumer credit called for their abandonment. There was also growing pressure, particularly from the Bank of England, to move away from the use of ceilings on bank lending. In 1971, a new system of credit control was introduced, reliant on changes in the cost of credit rather than restrictions on its overall availability.","PeriodicalId":276717,"journal":{"name":"The Politics of Consumer Credit in the UK, 1938-1992","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131668076","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-06DOI: 10.1093/oso/9780198732235.003.0003
S. Aveyard, Paul Corthorn, Sean P O'connell
The chapter explains the emerging concept of a property-owning democracy. Encouraging home ownership, Conservatives argued, increased ‘independence of character, self-reliance, initiative, and the habit of saving and the acceptance of responsibility’. The Conservative government of 1951 granted local authorities powers to sell council houses to their tenants. Conservatives portrayed the Labour Party as hostile to home ownership. However, Labour revisionists encouraged colleagues to take the concept of a property-owning democracy seriously as part of a strategy to refresh their egalitarian agenda. In similar vein, Anthony Crosland argued that the concept was a ‘socialist rather than a conservative ideal’ as long as property was ‘well distributed’. Thus, as Britain became more affluent, the central debate on housing shifted from one centred on which government built the most houses to which party would offer homeowners the best deal, with a focus on the terms of mortgage lending.
{"title":"Building a Property-Owning Democracy, 1945–1970","authors":"S. Aveyard, Paul Corthorn, Sean P O'connell","doi":"10.1093/oso/9780198732235.003.0003","DOIUrl":"https://doi.org/10.1093/oso/9780198732235.003.0003","url":null,"abstract":"The chapter explains the emerging concept of a property-owning democracy. Encouraging home ownership, Conservatives argued, increased ‘independence of character, self-reliance, initiative, and the habit of saving and the acceptance of responsibility’. The Conservative government of 1951 granted local authorities powers to sell council houses to their tenants. Conservatives portrayed the Labour Party as hostile to home ownership. However, Labour revisionists encouraged colleagues to take the concept of a property-owning democracy seriously as part of a strategy to refresh their egalitarian agenda. In similar vein, Anthony Crosland argued that the concept was a ‘socialist rather than a conservative ideal’ as long as property was ‘well distributed’. Thus, as Britain became more affluent, the central debate on housing shifted from one centred on which government built the most houses to which party would offer homeowners the best deal, with a focus on the terms of mortgage lending.","PeriodicalId":276717,"journal":{"name":"The Politics of Consumer Credit in the UK, 1938-1992","volume":"11 8","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113934406","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-06DOI: 10.1093/oso/9780198732235.003.0002
S. Aveyard, Paul Corthorn, Sean P O'connell
The chapter begins with an examination of debates around consumer protection and hire purchase in the 1930s. It explains the emergence and significance of the Hire Purchase Act, 1938. It explores radical (but thwarted) Labour plans to reshape important sectors of the consumer credit market during the 1940s. The chapter then explains the influence of Keynesian theory and its role in generating new policy on economic demand management. The Conservative election victory of 1951 owed much to the party’s courtship of voters with free market rhetoric, but this government instigated hire purchase controls to improve the balance of payments and combat inflation. Labour dubbed the measures ‘a very vicious piece of class legislation’. This policy created long-standing disagreement between the Treasury and the Board of Trade (and consumer durables manufacturers) about the damage to UK manufacturing. The chapter outlines developments up until the Radcliffe Committee was tasked to examine the issue.
{"title":"Consumer Credit on the Eve of Affluence","authors":"S. Aveyard, Paul Corthorn, Sean P O'connell","doi":"10.1093/oso/9780198732235.003.0002","DOIUrl":"https://doi.org/10.1093/oso/9780198732235.003.0002","url":null,"abstract":"The chapter begins with an examination of debates around consumer protection and hire purchase in the 1930s. It explains the emergence and significance of the Hire Purchase Act, 1938. It explores radical (but thwarted) Labour plans to reshape important sectors of the consumer credit market during the 1940s. The chapter then explains the influence of Keynesian theory and its role in generating new policy on economic demand management. The Conservative election victory of 1951 owed much to the party’s courtship of voters with free market rhetoric, but this government instigated hire purchase controls to improve the balance of payments and combat inflation. Labour dubbed the measures ‘a very vicious piece of class legislation’. This policy created long-standing disagreement between the Treasury and the Board of Trade (and consumer durables manufacturers) about the damage to UK manufacturing. The chapter outlines developments up until the Radcliffe Committee was tasked to examine the issue.","PeriodicalId":276717,"journal":{"name":"The Politics of Consumer Credit in the UK, 1938-1992","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125100749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-06DOI: 10.1093/oso/9780198732235.003.0009
S. Aveyard, Paul Corthorn, Sean P O'connell
By the 1980s, the Labour and Conservative parties were more receptive to radical ideas that had great implications for the consumer credit market. Labour’s left pursued plans to nationalize financial institutions. The Conservatives embraced monetarism as a solution to Britain’s high levels of inflation. While ideology played a role, it does not provide sufficient explanation for the liberalization that followed. Hire purchase terms controls were eventually abolished in 1982, alongside the more generalized attempts to restrict personal lending, but the persistent search for a more effective means to the same end continued for longer than might have been supposed. Liberalization, in turn, led to a boom in the use of consumer credit in the 1980s, producing renewed Labour demands for its restraint. The debate that followed is revealing of how new technological and international influences made devising a workable system of credit control ever more difficult.
{"title":"‘Too Much of a Good Thing’","authors":"S. Aveyard, Paul Corthorn, Sean P O'connell","doi":"10.1093/oso/9780198732235.003.0009","DOIUrl":"https://doi.org/10.1093/oso/9780198732235.003.0009","url":null,"abstract":"By the 1980s, the Labour and Conservative parties were more receptive to radical ideas that had great implications for the consumer credit market. Labour’s left pursued plans to nationalize financial institutions. The Conservatives embraced monetarism as a solution to Britain’s high levels of inflation. While ideology played a role, it does not provide sufficient explanation for the liberalization that followed. Hire purchase terms controls were eventually abolished in 1982, alongside the more generalized attempts to restrict personal lending, but the persistent search for a more effective means to the same end continued for longer than might have been supposed. Liberalization, in turn, led to a boom in the use of consumer credit in the 1980s, producing renewed Labour demands for its restraint. The debate that followed is revealing of how new technological and international influences made devising a workable system of credit control ever more difficult.","PeriodicalId":276717,"journal":{"name":"The Politics of Consumer Credit in the UK, 1938-1992","volume":"78 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133473455","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-06DOI: 10.1093/OSO/9780198732235.003.0006
S. Aveyard, Paul Corthorn, Sean P O'connell
Competition and Credit Control contributed to the abandonment of hire purchase terms control, but officials continued to search for another mechanism that could target consumer expenditure. Their quest became more pressing after 1973, as tremendous economic difficulties strengthened the desire to control the growth of the money supply. Competition and Credit Control failed to restrict credit expansion and was modified by the introduction of the ‘credit corset’. Hire purchase terms controls returned, alongside the voluntary system for other forms of consumer credit. The failure was dramatic enough for Labour’s front bench to advocate a return to ceilings on bank advances and the withdrawal of credit cards. In office, however, Labour accepted the status quo and relaxed some controls following pressure from the consumer durables sector. The general thrust of the experience in the 1970s led officials and ministers to lose faith in the capacity of the state to effect change.
{"title":"‘A Supreme Example of Whitehall “Tinkering” ’","authors":"S. Aveyard, Paul Corthorn, Sean P O'connell","doi":"10.1093/OSO/9780198732235.003.0006","DOIUrl":"https://doi.org/10.1093/OSO/9780198732235.003.0006","url":null,"abstract":"Competition and Credit Control contributed to the abandonment of hire purchase terms control, but officials continued to search for another mechanism that could target consumer expenditure. Their quest became more pressing after 1973, as tremendous economic difficulties strengthened the desire to control the growth of the money supply. Competition and Credit Control failed to restrict credit expansion and was modified by the introduction of the ‘credit corset’. Hire purchase terms controls returned, alongside the voluntary system for other forms of consumer credit. The failure was dramatic enough for Labour’s front bench to advocate a return to ceilings on bank advances and the withdrawal of credit cards. In office, however, Labour accepted the status quo and relaxed some controls following pressure from the consumer durables sector. The general thrust of the experience in the 1970s led officials and ministers to lose faith in the capacity of the state to effect change.","PeriodicalId":276717,"journal":{"name":"The Politics of Consumer Credit in the UK, 1938-1992","volume":"193 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134162010","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-06DOI: 10.1093/oso/9780198732235.003.0004
S. Aveyard, Paul Corthorn, Sean P O'connell
Chapter 3 examines debates about controls on consumer credit from late 1957 to 1964. As in Chapter 2, this chapter provides a fresh appraisal of Labour’s response to the affluent society. The party attempted to outflank the Conservatives on the issue of consumer protection. It embarrassed the Conservatives over their sluggish response to the Molony Committee’s recommendations on hire purchase legislation. The chapter also supports previous analyses that have identified the strong impact of new consumerist groups, particularly the Consumers’ Association and the weakening role of the Cooperative Movement. The issue of credit controls became more contentious. The Radcliffe Committee on monetary policy (1958) highlighted the weaknesses of the system. Of particular concern was the impact of controls on consumer durable industries. They were removed in 1958, but reintroduced, in 1960, following a dangerous rise in consumer indebtedness.
第三章考察了从1957年底到1964年关于控制消费信贷的争论。与第二章一样，这一章对工党对富裕社会的反应提供了新的评价。该党试图在消费者保护问题上包抄保守党。这让保守党对莫洛尼委员会关于租购立法的建议反应迟缓，感到尴尬。本章还支持了先前的分析，这些分析已经确定了新的消费主义团体的强大影响，特别是消费者协会和合作社运动的削弱作用。信贷控制问题变得更具争议性。拉德克利夫货币政策委员会(Radcliffe Committee on monetary policy, 1958)强调了该体系的弱点。特别令人关切的是对耐用消费品工业的管制的影响。它们在1958年被取消，但在消费者负债出现危险上升后，于1960年重新引入。
{"title":"A Sisyphean Task","authors":"S. Aveyard, Paul Corthorn, Sean P O'connell","doi":"10.1093/oso/9780198732235.003.0004","DOIUrl":"https://doi.org/10.1093/oso/9780198732235.003.0004","url":null,"abstract":"Chapter 3 examines debates about controls on consumer credit from late 1957 to 1964. As in Chapter 2, this chapter provides a fresh appraisal of Labour’s response to the affluent society. The party attempted to outflank the Conservatives on the issue of consumer protection. It embarrassed the Conservatives over their sluggish response to the Molony Committee’s recommendations on hire purchase legislation. The chapter also supports previous analyses that have identified the strong impact of new consumerist groups, particularly the Consumers’ Association and the weakening role of the Cooperative Movement. The issue of credit controls became more contentious. The Radcliffe Committee on monetary policy (1958) highlighted the weaknesses of the system. Of particular concern was the impact of controls on consumer durable industries. They were removed in 1958, but reintroduced, in 1960, following a dangerous rise in consumer indebtedness.","PeriodicalId":276717,"journal":{"name":"The Politics of Consumer Credit in the UK, 1938-1992","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124296278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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