At present it is possible for the banks to give customers an overdraft facility at their own discretion, whether or not the customer has requested it. Their customers will invariably at some time or another have an extra financial demand on their resources which will make them be overdrawn. The bank then of course earns income from the interest charged. And the bank can withdraw the overdraft facility at any time.
The Millennium Party would make it law (or enforce banking rules) that the minimum overdraft facility a bank would be allowed to give a customer is fifty per cent (50%) of three months income that the customer has in their savings account. If the customer does not have three months worth of income in a savings account, they would not qualify for an overdraft. Also, the bank would be able to call in the overdraft without putting their own customers into bankruptcy.
The maximum overdraft facility would be fifty per cent (50%) of two years income deposited in the customers' savings account.
This website enumerates policies that the editor believes will provide solutions to the problems Britain faces. But all policies, from whatever party is in power, should carry out "What if" five year projections of the effect of the policies considered on a Graphical Representation model of the Economy and Social Structure of Britain before any such policy is implemented. This is what the Viable System Model paradigm enables politicians to do. The accuracy of statements made in this website is not guaranteed. The figures used are a rough guide only.
