August 06, 2022

How changes at the top of government could affect your money

25 minutes

It's been quite the week in politics and on this week's Money Box we'll take a look at what it could mean for your personal finances.

One of the biggest challenges the next PM will face is the economy and the many households feeling the squeeze.

It's thought some of the candidates favour tax cuts, but there's also pressure to increase taxes to control government borrowing.

Heather Self a tax expert at Blick Rothenberg and Tom Selby from the investment company AJ Bell will discuss.

According to a new report, out on Monday, more people are falling behind with at least one household bill as the cost of living rises.

Money Box has been given an early look at the Coronavirus Financial Impact Tracker, which suggests one-in-six households are now ‘in serious financial difficulty' compared to one-in-ten in October. Debt is also climbing - particularly among people who were already struggling. We'll speak to Professor Sharon Collard from the University of Bristol, who is one of the authors of the financial impact report which is funded by the Aberdeen Financial Fairness Trust. Plus advice from the debt charity Stepchange.

Also, if you ignore a current account for too long - can your bank really take your money? And how hard is it to get it back? Our reporter Dan Whitworth investigates.

Presenter: Felicity Hannah

Reporter: Dan Whitworth

Researcher: Sandra Hardial

Editor: Jess Quayle

(First broadcast 12pm Saturday 9th July, 2022)

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By BBC Radio 4

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