Credit, Collections & Insolvency News
More than a third (35%) of motorists say they will switch to public transport if petrol and diesel prices continue to rise, according to the consumer element of July’s Startline Used Car Tracker. Around four out of ten (42%) say that fuel costs have already made them use public transport instead of their car, while…
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As the Monetary Policy Committee (MPC) meets to decide whether to impose a further rise in interest rates, the majority of Britons are already cutting back on their spending.W ith inflation at a 40-year high, the Bank of England’s efforts to cool it down by raising interest rates three times since December last year, has…
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Seven million households are living through a ‘frightening year of financial fear’, going without food, heating, toiletries and even showering as they try to cope with the cost of living crisis new research by Joseph Rowntree Foundation has found. The research found that low-income families have fallen behind on payments by an average of £1,600.…
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Work and Pensions Secretary Thérèse Coffey has sets out detailed plans so that more than eight million households across the whole of the UK will get a cash payment from July to ease cost of living pressures. Millions will receive the first of two cost of living instalments totalling £650 from 14 July 2022, part…
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The Government has announced a £15 billion package of support for UK households as inflation hits a 40-year high and energy bills soar. Measures, including a £400 discount on energy bills for all households and a £650 one-off payment for the poorest, will be partly funded by a windfall tax on oil and gas companies. These…
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Ahead of the Government’s plans to announce cost of living support measures to mitigate the impacts of rising prices, the Federation of Small Businesses (FSB) is urging that the Government tackles the cost of living crisis at root. Federation of Small Businesses (FSB) Chair Martin McTague said “The cost of living crisis starts with a cost…
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Families faced with uncertainties about how they can make ends meet with soaring living costs are not getting the kind of backup from the government that helped them survive the pandemic, a study has found. The research, from the Centre for Research in Social Policy (CRSP) at Loughborough University, funded by Joseph Rowntree Foundation, has followed a group…
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The cost of living gap between rich and poor household is at its highest level since records began in mid-2000s according to the Resolution Foundation. The Foundation’s research found that the gap in the inflation experienced by the richest and poorest tenth of households grew to 1.5 percentage points in April – the largest gap…
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The cost-of-living crisis has knocked consumer confidence again, according to the latest analysis from YouGov and the Centre for Economics and Business Research (Cebr). As with last month and the month before, there was a modest fall in the overall index (-1.0 ) can be explained by a more severe decline in household finance measures, which…
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The average UK household will be short of a £100 a month by 2024, as the cost of living crisis means expenses will outpace incomes. The figures come from a Yorkshire Building Society’s Inflation Nation report and reveal that weekly household spending is set to rise to £705 in just two years’ time. However, the…
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More than one in seven UK households have cut back on food or skipped meals in the past month according to new research by The Food Foundation. The data has shown a 57% jump in the proportion of households cutting back on food or missing meals altogether in just three months. In April, 7.3 million…
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New data from StepChange Debt Charity shows that the cost of living pressure continues to rise for financially stretched households, as it was the third most commonly cited reason for debt in March, up from the fourth most common in February and the sixth most common in 2021. While 6% of StepChange clients in 2021…
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The Office for National Statistics (ONS) has published its latest cost of living statistics finding that one in four (23%) adults find it difficult to pay household bills in the last month, compared with a year ago. The research also found that nine in ten (87%) adults reported an increase in their cost of living…
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