25 November, 2015
In response to today’s Autumn Statement and Comprehensive Spending Review, Mike O’Connor, Chief Executive of StepChange Debt Charity, said:
“We welcome the Chancellor’s decision not to implement the proposed changes to tax credits. However, we have concerns that people who have been spared the worst impact of the changes will still see significant cuts to their household incomes over the coming years with the transition to Universal Credit.
“We have particular concerns regarding the impact that changes announced today will have on the self-employed. Our research shows that this growing group have substantially higher debts than those in full-time or part-time employment. For many people, self-employment means volatile and insecure incomes and vulnerability to sudden changes in circumstance. Limiting the safety net available to the self-employed risks making many of them more vulnerable to debt problems.”
Notes to editors
- The Autumn Statement announces that the Government will uprate the individual threshold in the Minimum Income Floor for the self-employed in line with the National Living Wage instead of the National Minimum Wage.