DWP Universal credit warning as Martin Lewis admits he is ‘very concerned’

British received DWP performance payments incl universal credit have been warned of a possible lack of wage increases despite the rising cost of living.

Amid the current cost of living crisis in the UK, the government has yet to confirm whether beneficiaries need to prepare for the possibility that payments will not rise in line with inflation.

Concerns are mounting after Prime Minister Liz Truss and Chancellor Kwasi Kwarteng came under fire last week for announcing the mini-budget.

The move, reported by the BBC and others, would aim to reduce future government debt following the post-mini-budget economic turmoil.

Treasury Secretary Chris Philp said a pledge by former Chancellor Rishi Sunak to increase benefits in line with inflation was being considered after various government departments were reportedly asked to draw up efficiency-saving plans.

He told Sky News: “It’s so important to keep the UK economy growing. Important for raising wages and important for paying future tax bills.”

However, when asked by ITV’s Robert Peston about the increase in benefits, Mr Philp said: “I will not be making any political commitments on live TV, it will be scrutinized in the usual way. We’re going to make a decision and I’m sure it will be made known to the House of Commons in the first place.”

On Wednesday, the Bank of England launched an emergency bond-buying program to keep borrowing costs from spiraling out of control and avert a “material risk to Britain’s financial stability”.

The bank announced it would step in to buy up to $65 billion worth of government bonds.

Martin Lewis has recently been “very concerned” about Universal Credit

consumer champion martin lewis admitted he was “very concerned” that the government has not yet committed to increasing benefits in line with inflation.

He tweeted: “Even the grim optics of offsetting this against tax cuts for high earners pales in comparison to the devastating way this would drag people into real poverty.”

https://www.theargus.co.uk/news/22953628.dwp-universal-credit-warning-martin-lewis-admits-very-concerned/?ref=rss DWP Universal credit warning as Martin Lewis admits he is ‘very concerned’

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button