Debt advice

Meeting: 
MQT on 2018-09-13
Session date: 
September 13, 2018
Reference: 
2018/2422
Question By: 
Tony Devenish
Organisation: 
GLA Conservatives
Asked Of: 
The Mayor

Question

How practically can the Mayor use the power of bringing people together to help PayPlan and StepChange, which provide free debt advice to many Londoners? Do you support the recommendations of the Wyman Review?

Answer

Answer for Debt advice

Answer for Debt advice

Answered By: 
The Mayor

The growing level of personal debt in both London and the rest of the UK is a huge concern. I will be monitoring levels of household arrears, the burden of debt and the numbers of Londoners seeking debt advice through my economic fairness measures.  

I am planning a summit to identify how City Hall can best support partners to improve the financial health and education of young Londoners.

I support many of the Wyman Review's recommendations, including its affirmation of the vital role that free and independent debt advice plays in limiting harm to individuals, and agree with the need for an increase in debt advice provision. There should also be a focus on policies that are increasing demand for debt advice. My officers are in contact with stakeholders to explore what further action I can take to support and protect the provision of free debt advice in London. They will also be discussing which recommendations from the Wyman report we can work towards together.