Could CBI proposals ease personal debt management needs?
Could CBI proposals ease personal debt management needs?
Wednesday 21st October 2009
The forwarded suggestions include the reduction of current spending programs by £120 billion and an alteration to the date by which the nation's books should be balanced from 2016-17 to 2015-2016.
Should the government heed the CBI's suggestions, the reduction of national debt could filter down to the individual and reduce the number of people seeking debt management advice.
Professor of economics at the Cass Business School Geoffrey Wood said that the government should adopt the CBI proposals as well as alter past bad habits.
He commented: "[The CBI's] main recommendation – that's absolutely essential. It's been a problem for almost ten years. We've been borrowing whenever the economy has been doing well. It's a terrible fiscal policy.
"Government spending is out of control, it's growing. But tax revenues are collapsing because, of course, we were very dependent on the finance sector."
People who are struggling with their finances could consider speaking to a debt management specialist in order to formulate a best-option plan of coping with seemingly impossible monthly outgoings.
According to the Centre for Policy Studies, the government's total debt currently stands at £2.2 trillion - a far higher figure than most estimates.
News article brought to you by Debt1 – UK debt management specialists
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