May 2011

Shadow Education Minister Visits Charity’s Money Education Centre

The Shadow Secretary of State For Education, The Right Hon Andy Burnham MP, officially presented Debt Advice Foundation and Southlands High School with the PFEG Centre of Excellence accreditation for work undertaken in establishing the Money Education Centre for children.

The award recognises projects in the UK that have taken big steps in bringing the subject of personal finance into classrooms.

Household Debt To Reach £77,000 by 2015

The Office for Budget Responsibility (OBR) has revised its forecast for total UK household debt from £1,823bn to £2,126bn by 2015.  This means that average household debt is projected to increase to £77,309, which is 33% higher than the present level.

Whilst the Treasury is putting the revision down to higher than expected inflation, some are seeing the increase as evidence that public sector deficit reduction relies on debt being transferred to the private sector.

Disposable Incomes Forecast To Fall

Financial Services firm Deloitte has warned that UK households will be £780 a year worse off, dueprimarily to government tax increases and rising inflation.  The report concluded that real earnings are likely to fall for the fourth consecutive year, the first time in over a hundred years, and that consumers would have no option but to reign in spending to balance the books.