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Financial struggles for many households set to continue

Money Advice Trust comments on Budget 2017 and new

OBR Fiscal Outlook

 
Joanna Elson OBE, chief executive of the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said:
 
“While the Chancellor’s announcements on Universal Credit will go some way to addressing concerns raised in this area, we would like to see further movement from the government on direct payments to landlords. The rise in the National Living Wage from April for over 25s is welcome and represents another step in the right direction for people on low pay and the further rise in the Personal Allowance is also welcome.
 
“However, with economic growth now forecast to be lower than expected we can expect another year of continued pressure for many people. The Office of Budget Responsibility is expecting household debt to reach 150 percent of household incomes. With the combination of rising levels of household debt, increased living costs and slow wage growth, our concern is that many more people are at risk of falling into problem debt in the coming year.
 
“Calls to National Debtline are up 10 percent so far this year, and with many households struggling to make ends meet, more needs to be done to make sure that people receive the free debt advice and support they need.”
 
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