What would you do with £3300?

Well what would you do? Over the last few years the government has created £200bn in quantitative easing in order to bolster the faltering banks and promote lending. At the end of October it was suggested that an extra £75bn could be added to this figure to try and stimulate a generally sluggish economy. The original £200bn equates to £3300 per person for the whole of Britain. But what if, instead of giving the money to the banks and saying ‘lend this to people’ (which kind of got us into this mess in the first place), they gave the money to us, the people, instead. Now of course this is a radical and dangerous concept, as we are obviously far too irresponsible and stupid to just be given money. I mean all those people just spending money where they like, that’s hardly the free market is it? But can you imagine everyone just being given nearly three and a half grand. To just do what you want to do with it. For a start the bar takings that weekend would be significantly up and I think the general mood of the country would be buoyed.

My plan would be simple: finish paying off the student loan and pay off what’s on my credit card. Then I’d probably buy myself a nice pair of shoes and either go for dinner somewhere really, really nice or buy an extra suit for work. Whatever is left over would go into my savings.

The overall result of this surprisingly sensible approach would be really quite positive. I’d have around £200 a month more to spend due to not paying off debt, my credit history will be improved, I’d have provided a small boost to the cobbling and catering/tailoring industries and I’d have increased my resilience to future unexpected problems by having more money put aside. I would have a bit less stress. I’d also be able to consider where my career is at knowing that I don’t have to earn x in order to get by and pay my bills/rent/debt, but that I could earn x-y and be ok. Meaning that I could maybe consider a step across to something different. Just three and a half grand and I’m considering a career change? Well, it opens up the chance to think hard about it.

That is genuinely what I would do if someone walked up to me and gave me £3300 today. And let’s be honest, while undeniably a decent sum of money, £3300 isn’t that much. It’s hardly life changing. But it could pay off someone’s debt, be a deposit for a rented flat in a different city where there are more or better jobs, help put you through university, get a new car, contribute to the start-up for a new business or simply take your stressed out family on a nice holiday. It could spark a change in circumstance that could lead anywhere. It provides options, possibilities. Choice.

£200bn going straight to the banks doesn’t strike me as creating those sorts of things.