Road tax hikes put pressure on debt-hit Brits
Road tax hikes put pressure on debt-hit Brits
Friday 6th June 2008
According to data from the Treasury around 1.3 million households with an income of £15,000 or less are set to be stung with increases of up to £200.
As a result of the hikes, the tax on a Ford Mondeo 1.8 saloon will rise from £170 to £425 by 2010, the Sun reports.
Shadow treasury minister, Justine Greening slammed the move, which she said will hit those least able to pay the hardest.
Ms Greening commented: "Again Labour put up tax on the low paid. This is the 10p tax fiasco on wheels."
News of the hikes come amid mounting pressure on household budgets, which is being fuelled by double-digit increases to gas and electricity bills, higher mortgage repayments and skyrocketing food price inflation.
The squeeze on consumers' finances is thought to have been behind the 4.3 per cent increase in Britons opting for individual voluntary arrangements (IVAs) during the first three months of this year.
Are you considering an IVA? We can help.
Related News
Brits misled by IVA cancellation letters - 05/06/08
Britons have been urged to be wary of unsolicited mail which urges them to cancel their existing individual voluntary arrangements (IVAs) and opt for an alternative debt management solution instead
Britons have been urged to be wary of unsolicited mail which urges them to cancel their existing individual voluntary arrangements (IVAs) and opt for an alternative debt management solution instead
Debt woes and higher prices hitting retirement plans - 05/06/08
Mounting debt repayments and the rise in living costs means that Britons are saving less and less for their retirement, a new survey has shown
Mounting debt repayments and the rise in living costs means that Britons are saving less and less for their retirement, a new survey has shown
Debt-hit consumers ignoring their finances - 05/06/08
Despite increasing concerns about consumer debt levels, Britons are refusing to take an interest in their personal finances, it has been revealed
Despite increasing concerns about consumer debt levels, Britons are refusing to take an interest in their personal finances, it has been revealed
Debt woes hitting more Britons - 03/06/08
The number of Britons who are concerned about their debt levels has risen in the last three months, amid increasing strain on household finances
The number of Britons who are concerned about their debt levels has risen in the last three months, amid increasing strain on household finances
Higher credit card rates fuelling rise in consumer debt - 03/06/08
The squeeze on consumers' finances is being worsened by credit card companies upping repayment rates and potentially plunging many more into problem debt, a price comparison web site has claimed
The squeeze on consumers' finances is being worsened by credit card companies upping repayment rates and potentially plunging many more into problem debt, a price comparison web site has claimed
News Article Search
Quick Apply
News Archive