Reaction to mini-budget

StepChange Debt Charity has reacted to the Chancellor’s mini-budget. The measures announced today leave financially vulnerable households continuing to face risks that also damage the wider economy.

Richard Lane, Director of External Affairs at StepChange, said: “The position of those households with the least financial resilience and the greatest vulnerability to problem debt remains precarious despite the measures announced today. Those having to rely on means-tested benefits, which have still not been uprated even though the cost of food and other essentials has risen, are already over-represented among households experiencing problem debt. The problem debt and financial insecurity that households are struggling with creates significant social costs. It will be essential that the Government remains open to finding other ways to support and nurture the financial position of those on low incomes, recognising the benefit this provides not only to hard-pressed households but also to the wider economy.”