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Government to charge interest on crisis loans

The newspapers today are full of potential changes to the crisis loan system which has become part of everyday life for many low-income families in the UK. Bizarrely it would appear that the government is looking to charge interest on crisis loans even though these loans are made to the most vulnerable and low-income families in the UK. The move has prompted a serious backlash from Labour MPs with many going on record with their disdain for the idea and the potential backlash from voters.

There is speculation in Westminster that the move is being considered to try and reduce the pressure on the crisis loan fund which runs into the hundreds of millions of pounds a year and is set to increase as the UK economy slows further. As you would expect the opposition parties have jumped onto the bandwagon and many have today been quoted in the press as saying rates approaching 27% are similar to those charged by loan sharks.

The government has today been trying to defend the move but it would appear they are on a serious collision course with their backbenchers with many of the opinion that enough is enough.

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