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PPI Claims: Incomes "need to be increased"

PPI claims could be an effective way for families to increase their spending power, which could subsequently improve the country's economic situation.

Consumer demand would receive a boost if people on low incomes received help, said Brendan Barber, the general secretary of the Trades Union Congress.

He outlined his alternative plan to tackle the UK's current financial crisis in a speech to the University of Liverpool, stating incomes are becoming less valuable.

"As wages have stagnated, debt has soared. As incomes are squeezed further, the Office for Budget Responsibility expects household debt in this country to reach over £2 trillion by 2015," said the general secretary.

Mr Barber also believes a new state bank needs to be created that could provide the finance for small and medium-sized business.

Recently, the union leader also voiced his concern about a new government report, which stated employers should be able to dismiss unproductive staff without explanation.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance. ADNFCR-2776-ID-800777345-ADNFCR

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