The Family and Parenting Institute (FPI) today warned that families with children will be worst affected by the Government’s proposed changes to tax and benefits. A study by the Institute for Fiscal Studies on behalf of the FPI suggests that the average income of families with children will fall by 4.2 per cent by 2015-16, [...]
Around half of the 6.4 million unpaid carers in the UK are suffering ill-health because of money worries according to Carers UK. A survey of 4250 unpaid carers found that 40 per cent of respondents had fallen into debt because of their caring responsibilities, and 86 per cent of carers in debt suffered mental health [...]
The Government has launched its new “Work Programme”, which aims to get people off benefits and back to work. The scheme will see mainly private companies trying to find work for claimants in the UK. The moves are part of the coalition Government’s welfare crackdown which is designed to make a life on benefits “no [...]
As part of the coalition Government’s welfare crackdown, announced in June, it has been revealed that winter fuel payments and child benefit, face severe overhauls. The massive overhaul of the system comes as part of the Government’s plans to reduce public spending. There is speculation that ministers are reviewing the provision of child benefit for [...]
Government plans to review the welfare system with a view to simplifying benefits have been given a guarded welcome by the Citizens Advice Bureau (CAB). The CAB said simplifying the system will help more people claim the benefits they are entitled to. However, it warned that the reforms must continue to provide support for the [...]
In the Government’s emergency budget in June, it was revealed that the benefits system would be in line for a radical overhaul. One option being considered would see unemployment benefits and tax credits abolished and replaced with a single payment, Work and Pensions Secretary, Iain Duncan Smith, has announced. The move is designed to cut [...]
As it continues with its priority of cutting Britain’s budget deficit, the coalition Government has indicated that incapacity benefits will be targeted in a welfare crackdown. Chancellor George Osborne has already announced tough austerity measures to cut the £155 billion deficit but has now made it clear that sickness benefits will be targeted, as they [...]
Proposals have been unveiled by Work and Pensions Secretary, Iain Duncan Smith, which could see unemployed people encouraged to seek jobs outside the areas where they live. According to Mr Duncan Smith, millions of people are “trapped in estates where there is no work” but have been unable to relocate because it would mean giving [...]
A survey by business group British Chambers of Commerce (BCC) has revealed that businesses are cautious about a recovery next year with figures showing that two thirds are planning wage freezes or pay cuts next year. The survey, which questioned 260 companies, also revealed that in a bid to reduce overheads, one in five is [...]
Research has revealed that the number of people contacting the Citizens Advice Bureau (CAB) for help with debt problems has surged by 20% in the last 12 months. The independent charity, which was established 70 years ago to help people with war-related problems, provides information and advice to help people with their money, legal, consumer [...]
The Policy Exchange believes that the number of British adults claiming benefits will reach 6 million later this month, primarily due to rising unemployment amid the recession. The think tank, which has made its projection on the basis of Department of Work and Pensions benefits data, said around 1.4 million people are claiming Jobseekers’ Allowance, [...]
Pensioners are missing out on up to £5.4 billion per year in benefits they are entitled to, Age Concern said this week. The over-50s charity said thousands of pensioners are refusing to claim benefits because they are too proud to do so. Many pensioners would feel like they were taking handouts if they accepted benefits [...]
A survey conducted by the Chartered Institute of Personnel and Development (CIPD) has revealed that only one in five firms plan to employ 16-year-olds due to leave school in the next few months. Furthermore, the survey found that one third of the companies that took part in the survey said they had cut their graduate [...]
David Blanchflower, one of the more publicly recognised policy makers in the Bank of England, has given a warning shot to the government that unless evasive action is taken in order to tackle the recession head on, by spending in excess of £90bn on new projects, unemployment may reach unthinkable levels of 4 million. The [...]
Last month, in a co-ordinated move with other banks, the Bank of England’s Monetary Policy Committee (MPC) slashed UK interest rates from 5% to 4.5%. Central banks in the US, Japan and China have all cut interest rates in the last week in a bid to fight off a recession. Many analysts believe that the [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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