HIRE-PURCHASE IN BRITAIN
Relaxation Made In Restrictions (Special Correspondent N.Z.P.A.) LONDON, December 23. The British Government has eased hire purchase restrictions to help the motor industry. The minimum down payment on new and second-hand cars has been reduced from a half to one-fifth. The maximum period of two years for repayment remains unchanged. This decision, announced by Mr lain Macleod, Minister of Labour, marks a substantial relaxation of the credit restrictions imposed by the Chancellor of the Exchequer (Mr Harold Macmillan) last February, when the minimum deposit was increased from one-third to a half. The restrictions helped to cause a dramatic fall in the production of cars, together with unemployment and short-time working. Mr Macleod gave a warning that there would be a serious danger for the motor-car industry and a break in employment early in the New Year, and said that he was keeping in close touch with the situation. There is speculation on how far the new relaxation will enable manufacturers to revise their sales forecasts, particularly in view of petrol rationing and the high price of petrol.
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Press, Volume XCIV, Issue 28160, 26 December 1956, Page 3
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180HIRE-PURCHASE IN BRITAIN Press, Volume XCIV, Issue 28160, 26 December 1956, Page 3
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