Six-and-Eight in the Pound
The Chancellor of the Exchequer has announced a number of measures designed to curb hire purchase and, as expected in some quarters, has lifted the minimum deposit to 33.33% (6s 8d in the pound). The maximum period for repayment of the balance remains at 24 months. The Daily Express illustrates the difference by noting that a deposit for a television set costing £65 will have risen from £9.15s.0d to £21.13s.4d. (more…)