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PPI Claims: Inflation 'will cause more poverty'

PPI refunds may offer a lifeline for families faced with difficult choices as they struggle to survive in the current tough economic climate.

Alison Garnham, the Child Poverty Action Group chief executive, said the increased cost of living combined with falls in the amount of income that is available to them is meaning many households now need to prioritise which basic costs they can afford.

Some families were already feeling immense financial pressures and had stretched their budgets as far as they could go and rising inflation may break them, she added.

Ms Garnham also highlighted that the current consumer price index will be used to gauge benefits for the coming year and as it is currently lower than the old measure, low-income families will be doubly affected.

The last time the retail price index (RPI) was this high was in 1991. However, in that year the Bank of England's base rate of interest was almost double the RPI at 11.6 per cent. The current Bank Rate is 0.5 per cent.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-800763196-ADNFCR

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