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Bank charges: Child benefit cuts mean households will have to 'tighten the belt'

Households that receive child benefits will have to "tighten their belts" when cuts reduce the amount of money they receive to cope with bank charges, according to a leading expert.

Speaking to the BBC Radio 5 Live podcast, Kevin Mountford, spokesperson for MoneySupermarket.com, explained that families are likely to be around £1,000 a year worse off due to the impacts of the austerity measures.

"We knew that some of the plans were back-ended and as we move out of 2012 and beyond, we're going to start to see the impact," he said.

From next year, he added, it is likely to get even tougher.

Coming up to Christmas and the cold weather of the winter, not just low-income homes are going to feel the bite. Everyone will have to look at their outgoings to try to stick to a budget.

Since April 2010, HM Revenue and Customs has been paying £20.30 a week for the first child and then £13.40 for each child after that.

Charles Baker

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

 ADNFCR-2776-ID-801484479-ADNFCR



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