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PPI claims 'will boost income'

The large number of payment protection insurance (PPI) claims expected to be settled this year will provide many Britons with a financial reprieve.

This is the view of UK economist at the National Institute for Economic and Social Research Simon Kirby, who told the Financial Times that the compensation will have a similar impact to a tax cut in the UK.

Indeed, he added that many of the people who fell foul of mis-sold PPI are, by definition, reliant on credit and many will be in debt.

Banks are expected to part with as much as £10 billion to cover PPI cases over the next few years and Mr Kirby believes this comes at a good time for consumers who are continuing to struggle in the current economic climate.

"It is a boost to income", he told the news provider, adding: "It's temporary, it's timely and it is to some extent targeted."

The same publication reported last week that consumer group Which? was the latest organisation to call for bank bosses to reclaim the bonuses paid to staff who were directly involved in the mis-selling of PPI.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.

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