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PURPOSE

LEVEL THE PLAYING FIELD FOR WORKING PEOPLE

Energy standing charges should be abolished for working people

Standard charges on energy bills cost lower income households more. As it’s a fixed charge regardless of how much energy you use, when you use less it’s a higher share of your energy bill e.g £100 charge plus £100 used = 50% for this.

This affects less well off people more than those who use more energy. We say abolish this charge for lower income homes who use less energy, or reduce payments by making it a pay as you go charge, so its fairer for everyone.

Lenders should offer fair interest rates for working people

Lenders such as banks and other finance companies charge lower income workers higher interest on loans, saying it’s a risk product so the rates reflect the risk.

We say high interest rates make loans harder to pay back, therefore increasing the risk of the borrower not being able to make the repayments.

If more low to middle income workers could borrow at lower rates, the risk would reduce and therefore the lower rates could apply.

We say banks and lenders should lead the way in moving away from higher interest rates for workers who have a proven income and are responsible bill payers in other areas.

We need fair rates for working people.

BNPL should be regulated to avoid working people building up debts

Buy now, pay later (BNPL) has exploded in the UK, but still remains largely unregulated, popping up in lots of places you look when buying in store or online.

BNPL risks you putting off paying for purchases and letting repayments stack up – this could come back to bite you as it will will reduce your ability to pay for bills and buy new things in the future.

They say love is the drug and BNPL really can be as addictive, encouraging you to spend more than you can afford and risk getting into debt.

We say don’t buy into it –  even if lots of others are doing and will campaign to get it regulated faster to protect working people.

Low tax payers should be able to start saving completely Tax Free

It needs to be simpler to save. Low earners have a tax free allowance and pay less tax on their income, so we think if they put money aside it should be tax fee.

With no basic tax on the interest they earn, it will encourage working people to save up for a rainy day.

Let’s make tax free savings for working people simpler, because ISA’s are too complicated.