• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
No Result
View All Result
The London Economic
No Result
View All Result
Home News

Public sector workers turning to payday loans – not that Theresa May minds

Damning new research has revealed public sector workers are turning to payday loans to make ends meet. The study has been revealed a day after Theresa May narrowly defeated a bid to end the pay freeze in the House of Commons. Labour’s amendment was defeated by 14 votes, with 309 MPs backing it and 323 […]

Jack Peat by Jack Peat
2017-06-29 07:22
in News, Politics
FacebookTwitterLinkedinEmailWhatsapp

Damning new research has revealed public sector workers are turning to payday loans to make ends meet.

The study has been revealed a day after Theresa May narrowly defeated a bid to end the pay freeze in the House of Commons.

Labour’s amendment was defeated by 14 votes, with 309 MPs backing it and 323 voting against, with all ten Democratic Unionist Party MPs backing the Tories.

But the issue is unlikely to be laid to rest there.

A shocking poll by the UK’s largest independent loans comparison site today revealed public sector workers are turning to payday loans to make ends meet, given the sharp rise in prices and increasing the pressure on those “just-about-managing”.

Readies.co.uk, a licensed credit broker which compares business, personal and car loans, polled 8,000 anonymous visitors to its website last month who were seeking short term borrowing.

Of those in employment seeking a payday loan the highest number (27 per cent) work within areas of the public sector such as nurses, teaching assistants and council staff.

RelatedPosts

‘Britain deserves better:’ Tory MPs slammed for voting down emergency budget to tackle cost of living crisis

Children suffering food poisoning because parents are turning off fridges to save money amid the cost of living crisis

More to come? First UK council declares ‘cost of living emergency’

Tory MP demands asylum centre isn’t built because residents not ‘safe to leave their homes’

Most people seeking a payday loan stated that the money would be used towards unexpected bills as they had insufficient savings, whilst 18% per cent sought additional funds to pay off an EXISTING pay day loan.

More than one in ten said they needed the money to help with mortgage and rent commitments and ten per cent said they needed extra money to help with utility bills.

Stephanie Cole, Operations Manager at Readies said: “Payday loans have a negative stigma attached to them, but the reality is that they are now part and parcel of some people’s’ lives as the pay squeeze intensifies as wage growth falls further behind inflation.

“The pay squeeze, particularly on public sector workers, will only serve to increase the number of people turning to payday loans who are already struggling with rising fuel, food and transport costs.

“Anyone considering a payday loan – or any loan for that matter – should always seek to get the right information to make an informed borrowing decision.”

Households are coming under increasing strain as inflation hit 2.9 per cent last month, its highest rate in four years.

Public sector pay rises have been capped at one per cent, which is well below recent levels of price growth.

Staggeringly, 43 per cent of all people polled had already taken five or more payday loans out in the past year alone.

And only six per cent said that there was “no chance” or they were “not likely” to seek further short term borrowing in the future.

RELATED 

NHS nurses using food banks and pay day loans to survive

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

Three men admit attack on columnist Owen Jones

BBC’s loss? The Mash Report will return after being axed for apparent ‘left-wing bias’

Film Review: Beautiful Boy

Tory peer – linked to dodgy Covid contracts – accused of sending racist message

Comet is hurtling into the solar system at 72,000 miles an hour

Westminister Council will be the biggest scalp for Labour in local elections

Further case of coronavirus brings UK total to four

Football’s entire structure at risk of imminent collapse, government warned

Thy Halo, female online boutique specializing in the health – conscious

Johnson ‘flunked’ chance to spell out levelling up agenda, MPs say

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.