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The latest news from the world of personal finance plus advice for those trying to make the most of their money.

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Money Box: 08/10/2011

08/10/2011

BBC Radio 4 - Money Box, 08/10/2011

Who will qualify for a new winter fuel rebate? How QE2 will hit our pensions.

Who will qualify for a new winter fuel rebate? How QE2 will hit our pensions. The true picture of our credit card debts. And BT's social tariff for low users.

On Money Box with Paul Lewis:

Possibly the worst global financial crisis ever, and certainly the worst since the 1930s. That's the view of Mervyn King the governor of the Bank of England. And that is why the Bank decided to created another £75 billion in phase II of the process known as Quantitative Easing. The bank creates the money and then buys back government debt mainly from the high street banks, giving them more cash to lend to others. Phillip Coggan, writer for the Economist and the Buttonwood Blog and Mark Gull from The Pension Corporation, join the programme. 

Nearly a million pensioner households will get £120 off their energy bills on their winter bill in the winter. To qualify they must get the guarantee part of the state pension credit - and only the guarantee part. That means they have a weekly income of about £103 or less if they're single or about £164 a week or less if they are a couple. The rebate will be taken off their bill in the spring but they should be getting a letter next month to tell them they are eligible. This scheme is called the Warm Home Discount and eventually it will replace various reduced price 'social tariffs' for low income households which the big energy companies offer. But what if you are not a low income pensioner? What help can you get? Fiona Woods reports. The show also hears from British Gas and EDF. 

The Prime Minister almost told us that we should pay off our credit card debt this week. But after gasps of amazement from economists the text was subtly changed before he made his final speech to the Conservative Party conference. Instead David Cameron said that households 'are paying off' credit and store card debts. 
So why did he decide to pull back from advising everyone to pay off their debts? Money Box explores the nation's credit card habits with David Nash, research fellow at the Institute of Public Policy Research and David Dooks, director of statistics at the BBA .

The telecoms giant BT is obliged to offer a cheap line rental deal for low income people receiving certain means tested benefits. But Money Box listener Richard Hillary, whose wife Eileen receives Pension Credit (Guaranteed Credit), was surprised their application for BT Basic, was rejected. Under the tariff, the line rental costs £14.40 for three months, with a call allowance of £4.50. The programmes hears from Richard Hillary and also from Peter Oliver, BT's commercial director. 

The Prime Minister almost told us that we should pay off our credit card debt this week. But after gasps of amazement from economists the text was subtly changed before he made his final speech to the Conservative Party conference. Instead David Cameron said that households 'are paying off' credit and store card debts. 

So why did he decide to pull back from advising everyone to payoff their debts. David Nash is a research fellow at the left of centre Institute of Public Policy Research.

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08/10/2011

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