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Money Advice Trust responds to the Budget

The Money Advice Trust has responded to Today’s budget

Posted October 27, 2021

The Money Advice Trust has responded to Today’s budget welcoming the taper rate cut to Universal Credit but has warned of a challenging winter ahead for households struggling with rising living costs.

Jane Tully, director of external affairs and partnerships at the Money Advice Trust, the charity that runs National Debtline and Business Debtline, said:

“Today’s announcements on an increase in the National Living Wage and a cut to the Universal Credit taper rate are welcome. However, for people who are already struggling to make ends meet, and those who have lost their job due to the pandemic, these measures alone will not be enough.

“Nearly two in five callers to our debt service already don’t have enough money coming in to cover their essential costs, like energy, rent and council tax. While today’s measures to increase incomes will help some, there will be many others who will face a real struggle just to pay for the basics this winter.

“We need to see greater investment in targeted support – for example on energy bills – as well as help for people who have fallen into debt. Without this, many will face a tough winter ahead.”

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