Book Reviews

Debtor’s Revenge The Survivor’s Manual

As the lockdown is removed crisis payments by autocratic regimes will cease. However, the jobs lost will stay lost. As the government grapples with the challenge of an exit strategy from lockdown, many people are anxious about a looming financial cliff edge. What happens when the package of measures to support wages and reduce the burden of household bills comes to an end?

The financial support for the self-employed is putting much-needed money in people’s pockets. Mortgage holidays and a temporary pause of evictions help to reassure people they won’t lose their homes during the first phase of this crisis.

But if these schemes simply end as currently scheduled, millions of people could be forced to cope with the shock of losing their job or a reduction in hours, just as they face increased bills from mortgage and other debt holidays. This could put an unbearable strain on their finances, with repercussions that will be felt for years to come.

So, just as the lockdown restrictions will need to be eased gradually to prevent a second wave of the virus, we also need a transition out of the financial protections to avoid a new wave of financial hardship.

Gillian Guy DBE is CEO of Citizens Advice and has helped over 200,000 people one-to-one with their problems since the lockdown began, most of them relating to employment issues and claiming benefits. We’ve also seen record-breaking demand for our online advice with millions accessing help. This gives us real-time insight into what people are worried about and the problems they’re facing.

Every day, our advisers speak to people who’ve had their livelihoods disrupted by this pandemic. People like Mark, who was let go from his company after they decided not to furlough him to care for his daughter while suffering from cancer.

The shock is going to be felt across the social spectrum. Different groups are going to face very different problems in the wake of this crisis, and policy makers face a real challenge to make sure everyone is given the right support to get back on their feet.

The government has already recognised that some of the temporary measures they put in place will need to carry on beyond the initial end date.

A gradual transition out of the Job Retention Scheme, as opposed to a hard and fast end, is essential to prevent a new wave of redundancies. This should include additional flexibilities, like allowing employers to partially lay off staff so they can return to work on a part-time basis if full-time hours aren’t available. Without this on-going help, huge numbers of businesses and staff are at risk.

People in the 1.5 million people who are particularly vulnerable to Covid-19 need specific protection. They are likely to be advised to stay at home for longer, or self-isolate again in the event of a second peak. No-one in this group should be forced to choose between their health and returning to work.

The shock to people’s finances and the sheer scale of those affected mean the government and lenders must recognise that many people won’t be able to afford their debt repayments at their current rate.

The welfare safety net must be strengthened if it’s going to be fit for purpose while the impact of coronavirus is still being felt. Universal Credit is designed to provide a basic amount to live on and incentivise people into work.

We know many people on the benefit already struggle to make ends meet, but high levels of unemployment would mean people’s ability to boost their income through work will be severely restricted. The government should enhance support from the benefits system so people can cover their essential costs.

Many other people previously in secure work, who were just about managing before, will probably face major drops in their income. They’re likely to see significant challenges in covering their costs without falling into debt.

The government’s unprecedented measures have, for now, eased the financial burden for lots of households across the country. It now needs to grapple with the question of how it can unwind those support schemes in a way that doesn’t leave households staring into a financial black hole. Gillian Guy DBE is CEO of Citizens Advice.

NOTE: In response to the looming economic crisis, Michael Walsh, the former executive of the Guild of Master Craftsmen, has published DEBTOR’S REVENGE and THE BUSINESS BOOSTER  (available from Amazon), to lead victims from crisis to recovery.

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MICHAEL WALSH is a journalist, broadcaster and the author of RISE OF THE SUN WHEELEUROPE ARISE TROTSKY’S WHITE NEGROESMEGACAUST,  DEATH OF A CITYWITNESS TO HISTORY, THE BUSINESS BOOSTERTHE FIFTH COLUMN VOLUME I and IIFOR THOSE WHO CANNOT SPEAKIMMORTAL BELOVEDTHE ALL LIES INVASIONINSPIRE A NATION Volume IINSPIRE A NATION Volume II , SLAUGHTER OF A DYNASTY , REICH AND WRONG,  THE RED BRIGANDSRANSACKING THE REICH ,    SCULPTURES OF THE THIRD RIECH: ARNO BREKER AND REICH SCULPTORS  SCULPTURES OF THE THIRD RIECH:  JOSEF THORAK AND REICH SCULPTORS ,   PORCELAIN OF THE THIRD REICHSupreme Ceramics and Porcelain Lost to War, The Exiled Duke Romanov Who Turned Desert Into Paradise , THE DOVETAILS , SEX FEST AT TIFFANY’S  and other book titles. These illustrated best-selling books are essential for the libraries of informed readers.

MICHAEL WALSH NOVELS

The revenge of a predator is a city-vigilante epic better than Death Wish A LEOPARD IN LIVERPOOL , 55 lavishly illustrated first-hand stories by a Liverpool sailor THE LEAVING OF LIVERPOOL, Latest Killer-Thriller From Michael Walsh the City Vigilante Supremo The Stigma Enigma , A powerful thought-provoking paranormal romance The Soul Meets, How to form a naughty ménage a trois THE DOVETAILS and SEX FEST AT TIFFANY’S.

Latest Michael Walsh bestsellers: Those who fall victim to the taxman, banks and moneylenders are victims of legalised mugging  DEBTOR’S REVENGE, The Business Booster shows you how to double your profits not your workload THE BUSINESS BOOSTER 

MICHAEL WALSH is a journalist, author, and broadcaster. His 70 books include best-selling RHODESIA’S DEATH EUROPE’S FUNERAL, AFRICA’S KILLING FIELDS,  THE LAST GLADIATORS, A Leopard in Liverpool, RISE OF THE SUN WHEELEUROPE ARISE, FOR THOSE WHO CANNOT SPEAK, THE ALL LIES INVASIONINSPIRE A NATION Volume IINSPIRE A NATION Volume II, and many other book titles. These illustrated best-selling books are essential for the libraries of informed readers.

The author’s books available for purchase by visiting his website BOOKSTORE, and POETRY  links.

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BOOKS THAT CHALLENGE, INSPIRE, INFORM Michael Walsh, ‘Writer of the Year’ with a strong global following. Nearly 70 interesting Amazon book titles famed for changing and improving lives. CLICK TO VIEW

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