The energy price and Universal Credit cut stories dominate this week. I have curated some articles below:
The big squeeze Resolution Foundation: Assessing the changes to family incomes over the next six months
Thousands of energy customers facing bill shocks BBC: The same problem faces customers of surviving energy firms who are coming to the end of their fixed-rate term… They, too, will be unable to find a better deal at present.
Protecting people during energy market turbulence Citizens Advice: the gaps in the current support when a supplier goes under.
No extra help for families facing ‘very difficult winter’, Downing Street says Independent: ‘We already have schemes in place to help people out over the winter,’ No 10 insists
Universal Credit: Families seven times more likely to face a crisis paying bills and debts Sky: The Treasury is determined to remove the £20 uplift given to those on Universal Credit during the pandemic next month.
Tories in secret talks to raise Universal Credit for 2.3million Brits – weeks after cut Mirror: A 25-year-old single mum working 40 hours a week on minimum wage could be £9.39 a week better off if the taper rate was cut from 63p to 60p. But because UC is being cut by £20 across the board, she would still be £10.61 worse off than she is now.
Life as a debt advisor: Universal credit is the one constant struggle Big Issue: The £20 universal credit increase doesn’t fix the system but it has made a noticeable difference.
Marcus Rashford begs Boris Johnson to axe £20 Universal Credit cut set to hit millions Mirror: Almost eight in 10 on UC will find it harder to feed their kids when £80 a month worse off under the cut.
Remember, whatever your needs are, whether its help towards paying your energy bills or child benefit, you can get in touch with us as we have a wide range of loans to choose from. You can learn more about Thamesbank’s loan products here.
Author: Mukesh Malhotra, Chair of Thamesbank Credit Union