How far will the Chancellor’s major announcements on cost of living succeed in helping those most in need? The new Citizens Advice In the red index will help to measure that – it’s my pick of the week.
Tweet of the week
— Skidman (@Skidman6) May 26, 2022
In the Red Index Citizens Advice: Focusing on the percentage of people with debt problems Citizens Advice sees who have negative budgets – not enough money for priority debts and living expenses, with no money left for non-prioirty debts. Currently at 46%…
Responsible finance changes lives – 2022 Impact Report Responsible Finance: £11,140 is the average start-up loan size, at a 6% interest rate
Amigo Scheme approved Minute of Order On 23 May 2022, the High Court approved Amigo’s proposed New Business Scheme of Arrangement.. The Scheme became effective on 26 May 2022.
- Amigo’s Scheme – it’s time to submit a claim my article
Morses Club announcement re full year results RNS: The Company’s full-year results for the 52-week period ending 26 February 2022, which were planned for release in May, will now be announced no later than 26 August 2022. The share price is now down 85% since March when it announced a profits warning because of complaints and that its CEO was leaving after selling a block of shares.
Klarna to cut 10% of staff as it warns of recession BBC: Klarna is one of many tech companies warning that the months ahead will be difficult and taking steps to cut jobs or freeze hiring, as consumer spending weakens and ad sales slow.
Cost of living crisis
On Wednesday came this warning:
- Energy price cap: Typical energy bill set to rise by £800 a year in October BBC: Some 23 million households have their domestic energy bill governed by the price cap. In April, they typically started paying £700 a year more. In October, according to Mr Brearley, it could be a further annual rise of £800.
Followed by a package of government measures on Thursday:
- Watch Martin Lewis’s Q&A with Rishi Sunak on the new cost of living support package – plus more info on the announcement MSE
- Chancellor almost doubles cost-of-living support with two-thirds of fresh cash going to the poorest half of households Resolution Foundation: The biggest group to lose out from the approach of lump sum payments versus benefits uprating are families with children, with large families facing the greatest risks of severe fuel stress this winter.
- The Observer view on Rishi Sunak’s cost of living package Guardian: The chancellor’s £15bn spending is a welcome step in the right direction, but offers no plan for growth and fails to address the causes of child poverty
Benefits & other news
Cost of living crisis: Critiquing the measures to maximise income Policy in Practice: Interesting not for info on help with energy bills, which has been superceded this week, but because it looks at the low take up of some benefits.
Why can’t the UK manage to insulate its homes? New Statesman: The UK government has failed since 2013 to offer policies or funding to push up insulation rates, leaving homes leaky and expensive to heat.
Car insurance firms use loopholes to keep costs high for loyal customers Guardian: It is banned from charging more for renewals than new deals, but the industry still has some tricks up its sleeve.
News round-ups are published every Sunday.
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