Debt management needed for yet more cuts

The thousands of people in the UK reaching for a debt calculator as part of their personal debt management programme, after the Comprehensive Spending Review, could have even more to contend with.

That's because the £80 billion worth of cuts declared by George Osbourne this week, may not be sufficient enough to bridge the gap in Britain's public purse.

Leading think tank, the Institute for Fiscal Studies, says further cuts may well be needed to fill the void of debt owed by the country.

Acting director for the IFS, Carl Emmerton, said the cuts would lead to diminished quality in public services.

He said, on the Channel 4 news: "Should this deterioration prove too great for the government's liking then the Chancellor might wish to top up his spending plans."

This would mean stretching budgets even further for those already in need of debt management help.

Kevin Still of Atlantic Management, said:“We anticipate that many more UK consumers will need to take a serious long-term view on their personal and household finances in light of the relentless squeeze on disposable income. Many people have just about kept a lid on their debt problems, but this is going to get harder and we expect to see more people needing structured financial and debt advice, with many not being able to self-manage – which appears to be the way the government is directing resources.”

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