Oral Answers to Questions
Debate between John Glen and John Cryer(5 years, 2 months ago)
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John Cryer (Leyton and Wanstead) (Lab)
Personal debt is now higher than it has ever been in British history. Household debt is now also higher than it has ever been and has increased by nearly £1,000 in the past year alone. How sustainable is that?
John Glen
That is why the Government are concerned that the establishment of a single financial guidance body should happen quickly this year. Some £56 million is spent on debt advice to 530,000 people. This is an area I take very seriously, and I will be going to the credit union conference on Saturday to outline some more policy initiatives.
Oral Answers to Questions
Debate between John Glen and John Cryer(5 years, 11 months ago)
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The Economic Secretary to the Treasury (John Glen)
Lenders are not restricted from extending mortgages beyond the age of 75, as long as the consumer can demonstrate affordability. Several lenders are currently looking into this issue. There is considerable merit in interest-only retirement mortgages.
John Cryer (Leyton and Wanstead) (Lab)
What action are the Government taking to tackle payroll and umbrella companies, some of which—not all—are used to perpetuate bogus self-employment and undermine terms and conditions?