New government, new fairer financial future?

So, after 14 years of Conservative government, the UK has voted for a change. 

We’re hoping the election of a Labour government will herald the start of a new, fairer era in the UK.  

With the nation’s have-nots struggling to keep their heads above water after years of rising inflation and sky-high energy bills, we’re calling for tackling inequality to be made a top priority. 

What we want to see from the new government 

We want to see: 

1. a minister for financial equality, responsible for assessing all new policy proposals to make sure they don’t disproportionately affect the economic wellbeing of certain sectors of society, such as single-parent families 

2. free school meals for all primary school children 

3. the discriminatory two-child benefit cap scrapped 

4. better financial education in schools 

5. a cut in the maximum level of deductions the Department for Work and Pensions can make from people’s benefits - from 25% to 15% 

6. a framework for energy suppliers so that all struggling customers are referred for free debt advice and a range of repayment options for arrears are routinely made available, including debt forgiveness in certain cases 

7. the public Individual Insolvency Register replaced with a private alternative to reduce the stigma surrounding debt and protect victims of domestic violence 

Chance for a fresh start 

Ian Somerset, chief executive officer at Money Wellness, said:  

“This new government has the chance to turn the page on financial inequality in the UK. We appreciate there isn’t a bottomless pot of cash to address the UK’s problems. But measures to reduce the inherent unfairness in society don’t have to cost the earth, for instance, introducing better financial education in schools and scrapping the outdated and stigmatising Individual Insolvency Register. And where there is a cost, we believe it’s time to shift the burden from those most likely to be crushed by it to those with the broadest shoulders.”