Two picks from the final two week’s information (I’ve been on vacation!)
First the deeply alarming Treasury poised to shelve crackdown on ‘purchase now pay later’ sector – a value of dwelling disaster is precisely when there must be correct regulation of those loans. Secondly, When recommendation isn’t sufficient — the rise of unfavorable budgets which Residents Recommendation has described as “aiming to start out a dialog a couple of coverage concern that may more and more outline the subsequent decade”.
Debt information
BNPL:
Reforming the Shopper Credit score Act 1974 Session Response gov.uk: extra detailed proposals and one other session subsequent 12 months
Inflation and rates of interest:
Housing:
Automobiles:
StepChange sees improve in purchasers needing assist with automobile finance money owed StepChange: Automobile Finance debt purchasers have been nearly twice as prone to have a mortgage than different purchasers, placing them at elevated threat of economic problem as rates of interest rise.
UK drivers shocked as automobile insurance coverage prices soar by as much as 90% Guardian: The value of petrol and diesel might have dropped however households are being hit by one other rising price
Huge hikes in Paypal rate of interest & minimal funds My article (which has been up to date with data from Paypal).
Further power invoice scheme was staggering failure, says MP BBC: The federal government arrange the Various Funding scheme for the over 900,000 households … solely 141,000 bill-payers managed to use for and obtain the subsidy earlier than the scheme closed on 31 Could.
When recommendation isn’t sufficient — the rise of unfavorable budgets Residents Recommendation: It reveals a rustic with tens of millions dwelling on empty, folks struggling in a way more profound and ongoing approach than what is likely to be dismissed as latest short-term crises.
Checking account closures: what new guidelines imply for UK prospects Guardian: Underneath Treasury proposals, lenders must clarify why they shut accounts and provides 90 days’ discover
Earnings soar at Betfred as UK gamblers’ losses mount Guardian: Firm made after-tax earnings of £20m as wagers rise sharply throughout business
Advantages information
Each argument made by these supporting Starmer’s place on the 2 youngster restrict acts as if it’s simply one other coverage one may love to do if cash was obtainable. It’s not. It’s a uniquely unhealthy and merciless coverage. That’s why it’s so symbolic.
— Sam Freedman (@Samfr) July 18, 2023
Wants and entitlements Welfare reform and bigger households Tutorial analysis: Our proof gives an amazing and, we’d argue, unassailable case for the necessity to finish each the two-child restrict and the profit cap, and to centre assist for households with youngsters in a way more optimistic gentle inside the social safety system.
Half one million critically ailing and disabled folks may have common credit score minimize underneath DWP plans Huge Problem: The federal government claims folks can have “transitional safety”, however over time half one million folks will see their common credit score minimize by £400 except they efficiently apply for PIP
The sanctions spiral: The unequal affect and hardship brought on by sanctions in Common Credit score Residents Recommendation: to guard these susceptible to sanctions, the DWP ought to be sure that workers give folks time to clarify or submit proof earlier than a sanction is utilized.
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