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Banning interest could help debt

Published 05/11/2015

THE Government pays around £43bn per annum in servicing the public debt.

Each household pays around £2,000 per year in taxes to finance the interest.

In all the lamenting about raising taxes to help service this huge debt, it's never been proposed that banning the paying of interest could help matters. Considering that money is created out of thin air, banks wouldn't lament as any money given back on loans would be clear profit.

LOUIS SHAWCROSS

Hillsborough, Co Down

Belfast Telegraph

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