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ICR341: Another failed financial policy from the government

ICR341: Another failed financial policy from the government

27/07/2018 Posted by Martin Bamford Podcast

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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About Martin Bamford

Your host for Informed Choice Radio is Martin Bamford, an award-winning Chartered Financial Planner and Fellow of the Personal Finance Society. Martin is Director of Client Education at Informed Choice and the author of several personal finance books including The Money Tree, Brilliant Investing and How to Retire 10 Years Early.

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