New Spending Cuts Announced by Chancellor

New spending cuts for many sectors

Figures released today by the coalition Government’s new Chancellor George Osbourne reveal £6.2 billion in new spending cuts in a bid to take ‘urgent action’ against the budget deficit.

The new Government spending cuts can be seen in the following sectors:

  • Child Trust Fund Payments will be axed by January next year, saving an estimated £520 Million
  • IT, suppliers and property sectors will face cuts of £2 billion
  • Consultancy and Travel will see £1 billion made in cuts
  • There will be a civil services recruitment freeze
  • £683 million in cuts at the department for Transport
  • Communities and Local Governments will face £780 million
  • The department for business £836 million due to the new spending cuts
  • Department of work pensions £535 million
  • Chancellor’s Department will face £451 million as a result

The department for education will also see £670 million in cuts although the Chancellor assures funding for schools, 16-19 year olds’ education and Sure Start will remain protected.

Chief secretary to the Treasury, Mr Laws said:

“The years of public sector plenty are over, but the more decisively we act the quicker and stronger we can come through these tough times.”

“We also promise to cut with care, we are going to be a progressive government even in these tough times.”

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Loan Shark Debt Campaign Update

Loan shark debt dangers highlighted in ongoing campaign

The Office of Fair Trading (OFT) has joined the ‘Stop Loan Sharks‘ campaign aimed at warning people about the risks of using loan sharks to try to solve their debt problems.

Loan sharks are actually illegal money lenders and prey on those vulnerable people struggling with debt. Unlicensed loan sharks will often offer cash loans without paperwork, charge extortionate interest rates and may use benefit payments or bank cards as security or threaten the use of violence if loan payments are missed.

According to the (OFT) there are an estimated 165,000 households in the UK that have loan shark debts, with half of these in the most deprived areas of the country.

In accordance with the campaign now fronted by the OFT and Trading Standards Illegal Money Lending Teams, loan sharks can now be reported by either calling 0300 555 2222, by sending a text with the words ‘loan shark’ and the details to 60003 or by sending an email to reportaloanshark@stoploansharks.gov.uk.

Jacqui Kennedy, Director of Regulatory Services at Birmingham City Council said:

‘It’s great to have the support of this campaign in our continued fight against loan sharks. It’s vital that we get our message out to vulnerable people that loan sharks are never a good option. It may seem like easy cash at first but very quickly people can become trapped in a spiral of debt’.

Nationally, the ‘Stop Loan Sharks‘ project has so far helped more than 11,500 people, written off more than £31 million of illegal debt, secured more than 60 years in prison sentences including an indefinite sentence for public protection, and seized £1million in cash.

For more information about how to report a loan shark watch the ‘Stop Loan Sharks’ campaign film on YouTube.

IMPORTANT NOTICE
If you’re receiving violent threats made by loan sharks because of missed payments, you should contact the Police immediately. If you’re struggling to manage your debts, contact Payplan today for free, confidential debt advice.

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Home Information Packs Suspended by Coalition

Home Information Packs to face permanent abolition by new Government

In a bid to help the current fragile housing market, Communities Secretary Eric Pickles and Housing Minister Grant Shapps today announced that with immediate effect, they will be abolishing the requirement for home owners to provide a Home Information Pack (HIP) when selling their homes,

The HIP packs are usually paid for by sellers and contain property information, title deeds and local searches.

Currently, home owners looking to sell are forced to spend around £300 on the pack, which estate agents claim, is stunting the housing market recovery, as it deters people from putting their home on the market just to test the water.

Mr Shapps commenting on the subject said:

“by suspending home information packs today, it means that home sellers will be able to get on with marketing their home without having to shell out hundreds of pounds upfront.”

Eco-friendly Homes

Mr Pickles and Mr Shapps also said that the Government is determined to help people reduce their energy bills and increase the efficiency of our homes and therefore as a result sellers will still be required to commission an Energy Performance Certificate (EPC) before marketing their property.

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Budgeting Loans from the Social Fund

Low-income?

(Information on this page is taken from Direct.gov.uk)

If you’re on a low income and need help with certain important costs, you may be able to get an interest-free Budgeting Loan from the Social Fund that you pay back.

Debt Problems?

If you also have debt problems - you can use our Debt Help Form to get in touch with Payplan for a free debt assessment and a free debt solution such as a debt management plan to help you take control of your situation.

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