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Hard-pressed household income, saving and debt

The Treasury Committee has concluded that hard-pressed households need Government action to deal with debts and that many households are over-indebted and lack a ‘rainy day’ savings buffer.

The published report also states that 'uncompromising' local and central government debt collection should be reformed, the FCA should move forward urgently with regulation to limit the cost of high-cost credit, including overdraft fees, and ISA tax relief does little to incentivise saving for lower-income savers.

It says Government must act now to tackle the looming crisis from 12 million pension under-savers, that the self-employed should be brought into pension auto-enrolment, the Lifetime ISA should be abolished due to its perverse incentives and complexity, and pension tax relief does not incentivise saving.

Read Treasury Committee - Household finances: income, saving and debt