In this episode, I’m looking at the a new Treasury Committee report about household finances.
We’ve got high levels of debt and low levels of savings; and the government think they can do more to help us. And if you believe that, you’ll believe anything!
There’s also a roundup of the latest personal finance news and the aftershow segment, where I share what I’ve been up to and what we’re doing at Informed Choice right now.
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Personal finance news
-A no deal Brexit would damage British relations with Europe for a generation. That’s the latest warning from Jeremy Hunt as he pleaded for Brussels to show more flexibility in negotiations.
-The Financial Conduct Authority has suggested that banks could be forced to pay their customers a minimum interest rate on their savings. The move aims to address concerns that if savers continue to stay with the same building society or bank for a long period of time, then it could mean they get poor returns for their money.
-New research by Royal London shows money worries are a top cause of nightmares as financial fears are creeping into sleeping hours. Two in five people said money makes them anxious, which subconsciously can have a big impact.
-The poorest in society are facing the largest taxes on on food, alcohol, tobacco and soft drinks. According to a new report from the Institute of Economic Affairs, poorer households pay up to ten times more in ‘sin taxes’ than wealthier households as a share of their income.
-One in six holidaymakers put off paying for travel insurance until the day of, or the day before their holiday takes place. This is according to new research by Co-op Insurance.
Another failed financial policy from the government
UK households are in financial trouble and there is more the government can do to help them.
That’s the broad conclusion from a unanimously agreed Treasury Committee report into household finances, which makes a series of conclusions and recommendations.
In this episode I talk about high levels of debt, low levels of saving, auto-enrolment for the self-employment, reforms to pension tax relief and why MPs now want to scrap the Lifetime ISA.
Useful links
–Hard-pressed households need Government action to deal with debts
–Work experience offers financial planning insight
–Martin on BBC Radio 4 Money Box talking about the Financial Services Compensation Scheme
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