Time goes by and he pays off his debt, got a T.V. set and a radio
For seven shillings a week
Beginning in 1946, any British resident who wanted to watch television had to purchase a license from the government, which used the money to fund the British Broadcasting Company (BBC). (There used to be a license fee for radios, too, but the radio fee was abolished years ago.)
However, I think what’s going on here is that the British suburb-dweller who is the protagonist of this song couldn’t afford to pay cash for his radio and TV, so he got them on credit, and is paying seven shillings a week to the store that sold them to him.
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