Sunday, May 26, 2013

New potential financial disaster for Britain

I just sent emails with this approximate text to various British politicians including Nick Clegg and Ben Bradshaw:

 I'm emailing you directly because I'm very worried about a new  potential financial disaster for Britain. Looming on the horizon is the question how the changeover to Universal Credit will be handled. If benefit claimants receive their money a little bit earlier than usual because of the changeover there will be no particular worries. On the other hand, if claimants receive their money a bit later than usual there is a potential disaster as enormous numbers of people across the country would then have a shortfall in paying their rent, their credit card repayments, their many other bills and outgoings. The knock-on effect of this would affect banks, credit companies, landlords and every part of the country's economy. It seems to me that there are still a few months in which to avoid disaster.

Sincerely,

Peter D. Smith, Exeter, Devon.

1 comment:

  1. Perhaps I'm being optimistic here, but it has been the practice of the WTC to withhold a small amount of Tax Credit payments to guard against overpayment, and the difficulties of clawing it back. This amount (which usually comes to a normal weeks payment) has been customarily repaid as an "extra" payment at the end of the year. I suspect that this will be used to 'tide you over' until the payments sort themselves out. At least that's the answer I think you'll get; let us know?

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