In the current financial climate many people have found themselves in a position where they need to make some extra money to repay their high levels of debt or simply to keep on top of soaring living costs. One of the things that some have started to do is get rid of scrap metal in order to make some cash but this has brought with it its own problems.
People that make money from selling scrap metal could soon face much tougher regulation in the UK, as the government is looking at new measures to try and reduce the high level of metal theft taking place. The value of scrap metal has soared over recent years resulting in a surge of scrap metal sales. However, it has also led to a surge of scrap metal thefts, with some targeting all sorts of establishments from railways and hospitals to utility firms and even churches to try and get their hands on some scrap metal and make some cash.
The current ‘no questions asked’ procedure means that thieves who take scrap metal that does not belong to them do not have to worry about being quizzed about where they got it or finding themselves under investigation, which for many equates to easy money. However, this could all change under new regulations, which could help to drive down the surge in metal theft.
If the government presses ahead with its plans, people that sell scrap metal could be made to register and also undergo identity checks as part of the sales process. The government is also considering banning cash payments for scrap metal so that metal sales transactions are easier to trace. The details of the possible reforms were revealed recently by Home Office minister, Lord Henley.
One industry spokesperson said that whilst tougher regulation would be welcomed there could be an issue with stopping cash transactions for scrap metal, as this could lead to an increase in illegal metal trading, resulting in the measure becoming counterproductive.
Lord Henley said that it was vital that the 1964 Scrap Metal Dealers Act was improved upon, as it was outdated and in desperate needs of amendment. He said that greater transparency was essential so that there was more detail about ownership when scrap metal was sold. Whilst the British Metal Recycling Association has said that it is against banning cash transactions as part of the possible reforms the British Transport Police has welcomed this measure, claiming that it could help to reduce criminality.
Tags: scrap metal, Henley, problems, debt, metal theft taking place