Household Support Fund and Gambling with Credit
Summary
Moneybox investigates the impact of the Household Support Fund, sharing a powerful story of how it provided life-saving assistance. The episode also uncovers a significant increase in loan applications rejected due to excessive gambling, highlighting the struggles faced by individuals and the insights lenders gain from open banking. Finally, it delves into the upcoming UK budget, discussing potential tax changes like Capital Gains Tax, public sentiment, and the economic arguments for and against such reforms.Episode description
Hundreds of millions of pounds has been made available from the government for local authorities across the UK to spend on those most in need of financial help. Known as the Household Support Fund it's made up of £421 million for councils in England with another £79 million for devolved nations. Dan Whitworth meets Sam, who's 28 and got help from the fund via Stockport Disability.
A new report analysing the finances of people on low incomes who apply for loans has found a third were declined because of 'excessive gambling'. Salad Money is a social enterprise, providing credit to people earning between £25k and £35k per year. It says that out of 170,000 people who applied for loans in the first three months of this year, a third were turned down. We'll hear from the CEO of Salad Money, Tim Rooney.
The consultation which could mean fraud victims who lose more than £85k won’t get their money back when new refund rules come into force in October.
And what tax changes could the government make in its first budget? We’ll discuss Capital Gains Tax and how it might be impacted.
Presenter: Felicity Hannah Reporter: Dan Whitworth Researchers: Catherine Lund and Jo Krasner Editor: Jess Quayle
(First broadcast 12pm Saturday 7th September 2024)