Inquiry Into Household Spending
With consumers spending more, but saving less, household debt has reached levels only matched by the days of the financial crisis. A group of MPs have launched a formal inquiry into household finances with measures on how to stop any further damage to the UK economy.
The Treasury Select Committee is honing in on areas such as lifetime financial planning, problematic indebtedness and the market’s ability to support low-income households.
The first evidence session will be held on 14 November, with representatives from the Joseph Rowntree Foundation, the Centre for Policy Studies, and Resolution Foundation, being called for questioning.
The interest rates recently were increased by the Bank of England, and David Smith from the Sunday Times insists that household debt played a part in the Bank’s final decision. Smith claims monetary committee member, Gertjan Vlieghe, admitted the rising household debt levels of the UK incited him to change his mind in favour.
Recent data from government sources and the Office for National Statistics has indeed painted a worrying picture of the pressure on household finances, with debt from credit cards and personal loans reaching more than £200 billion.
The TSC chair Nicky Morgan insists the inquiry was timely considering the recent fall in savings, but will take steps to help individuals and families recover.
“We will examine what policies could incite households to save, and the sustainability of the UK’s household debt and consumer credit.”
The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!
Keep up to date with the latest news by following us on social media:-
Watch the video to find out how CPA can help you!
Read Our Blog – How to overcome common excuses for non-payment
Read our blog – Debt collection agency
Read our Cash Flow Advice
Read about our overdue account recovery service
Read our blog – What is credit management?
Read our blog -What is a credit management company?
Read our blog -Credit Management that works!
Read our blog – How to select a debt collection agency
click to see read about our successes
Please call us on 0330 053 9263 to discuss how CPA can help your cashflow. Alternatively, either email us or use our contact form.