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StepChange reacts to Spring Statement

23 March, 2022

StepChange Debt Charity has reacted to the Chancellor’s Spring Statement. While the measures announced are welcome, the short-term, pressing risks to the most financially vulnerable households are not alleviated by today’s announcements.

StepChange CEO Phil Andrew said:

"The additional £500 million to the household support fund is of course welcome, but a drop in the ocean in terms of addressing the scale of need among the most financially vulnerable households in the light of the dramatic rise in the cost of living. We are now really worried that there will be an increase in the number of households who simply won’t be able to make ends meet.

"The National Insurance threshold increase is welcome and will help some working households on the cusp of affordability. The future cut in income tax will also - eventually – help working households.

However, in the here and now the growing cost of living pressures on working households on low incomes and non-working households isn't being alleviated. It's very difficult to see how those already struggling will avoid seeing their situation worsening."

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