Debt-hit soldiers are targeted by 3,300% payday loan firm… in MOD's own magazineLoans company sold advertising space in Ministry of Defence magazine Rising concern about the number of soldiers getting into debtNew recruits earn less than 14,000 a year and private are paid 18,000 | UPDATED: 01:15 GMT, 30 December 2012 Condemned: The MoD magazine that includes the advert for payday loans from Forces Loans, a company charging an APR of more than 3,300 per cent The Ministry of Defence was condemned last night for cashing in on the debts of its poorest soldiers by selling advertising space in its staff magazine to a payday loans company
Nearly half of families are worried about debts as toxic combination of runaway inflation and low wage growth means they struggle to make ends meetAverage household now 22 a month worse off than a year agoHouseholds are cutting spending, looking for extra work or asking for helpBank of England says consumer spending has been 'flat' since end of 2009 | UPDATED: 00:04 GMT, 18 December 2012 Nearly half of all households in Britain are worried about their debts as the squeeze on family finances intensifies, the Bank of England warns today. A toxic combination of runaway inflation and low wage growth has left millions struggling to make ends meet in the run up to Christmas. The average household is now 22 a month worse off than they were a year ago, according to a study from the Bank, blowing a 264 hole in annual family budgets
Labour refuses to back 1% cap on benefits rises but minister insists the era of the 'generous' welfare state is over Pensions minister Steve Webb warns the state of the nation's finances means 'difficult decisions' had to be made George Osborne used the Autumn Statement to say rises in working age benefits will be capped at 1 per cent from April 2013 Chancellor said the cap would be enshrined in law – forcing Labour to decide whether to oppose limits which polls indicate will be welcomed by the public By Matt Chorley and Tim Shipman PUBLISHED: 00:11 GMT, 6 December 2012 | UPDATED: 00:00 GMT, 7 December 2012 ‘ Lib Dem pensions minister Steve Webb said the state of the public finances meant benefits could not be as 'generous' as they were in the past Labour is refusing to back the unprecedented cuts to welfare benefits outlined by George Osborne in his Autumn Statement. Ministers have insisted that Britain can no longer afford the ‘generous’ handouts of the past, but in its verdict on the statement, the Institute for Fiscal Studies (IFS) said that its effect will be to take from the poor and give to the middle.
'This is as bad as a world war': Bank of England boss's grim view of financial crisis which has left a debt 'that will be paid by our grandchildren'Andrew Haldane: People 'had every reason' to feel 'deeply upset and angry'George Osborne to admit bringing public finances back to order will take longer than expectedHe has to find more than 23bn through further cuts and tax rises by 2017 Institute of Fiscal Studies said era of austerity could last until 2018 By Becky Barrow and James Chapman PUBLISHED: 19:13 GMT, 3 December 2012 | UPDATED: 01:59 GMT, 4 December 2012 The financial crisis has been as devastating for family incomes as a world war, a senior Bank of England official warned yesterday.