Richard Lane, Director of External Affairs, StepChange Debt Charity
Richard Lane, Director of External Affairs at StepChange Debt Charity, comments on the Bank of England's decision to raise the base rate.
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The current level of support offered by Government, while welcome, falls short of what’s needed to mitigate the double whammy of rising inflation and interest rates the country now faces. The Treasury showed itself to be agile and reactive to the country’s financial challenges during the pandemic – it’s now time to display these same traits in response to a similarly dire situation. Measures including raising benefits to match current levels of inflation, furthering energy bill support, pausing deductions to benefits and halting debt enforcement and the use of bailiffs where households are vulnerable and unable to pay, are all ways in which those on the lowest incomes can be helped to navigate the current crisis.
Further base rate rise ramps up pressure on low income households, says StepChange
Media contact: Press Office, 0207 391 4598, press@stepchange.org
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