Time goes by and he pays off his debt, got a T.V. set and a radio
For seven shillings a week

from The Kinks – Shangri-La Lyrics on Rap Genius

Meaning

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.

Televisions and radios could be bought on credit, as suggested. It was known as “hire purchase”.
An alternative is, it was common for families not to buy televisions and radios, but to enter into a rental agreement with companies who supplied them. The main business providing radios and televisions was “Radio Rentals”.

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