Extract from Commons debate on the Queen's Speech: Money and Pensions Service - May 18
Wednesday, 19 May 2021 08:26
Yvonne Fovargue (Makerfield) (Lab) [V]:...The fact is that the
covid crisis has led to greater arrears and a build-up of household
debt generally. The most recent figures from the Money and Pensions
Service show that 9 million people have had to borrow to buy food
and other necessities—for example, rent, utilities and council
tax—in the last year, whether that is through credit cards,
overdrafts or friends and families. There has been support from the
Government, but it has never fully...Request free trial
(Makerfield) (Lab) [V]:...The fact is
that the covid crisis has led to greater arrears and a build-up of
household debt generally. The most recent figures from the
Money and Pensions Service show
that 9 million people have had to borrow to buy food and other
necessities—for example, rent, utilities and council tax—in the
last year, whether that is through credit cards, overdrafts or
friends and families. There has been support from the Government,
but it has never fully compensated people for their loss of income,
and in many cases the debt has simply been deferred. Many in the
debt advice world fear that there is a tsunami of debt around the
corner, and perhaps now is the time to thoroughly review the debt
solutions and bring forward a rationalised and coherent range of
options, rather than the current piecemeal and outdated
set...
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