Local MP, Justin Tomlinson, has welcomed the Money Advice Service's announcement this week that it will increase funding for free debt advice by more than 10% next year.
Justin has actively campaigned since his election for an increase in support offered to those who find themselves in financial difficulty, including calling for a substantial increase in funding for free debt advice.
Justin also co-sponsored a cross-party backbench debate in which both Conservative and Labour MPs pressed the case for greater access to free debt advice. At that time the regulator, the FCA, had indicated that they planned to keep the budget of the Money Advice Service flat and that, in negotiations between MAS and the free debt advice sector, it was likely that there would be no increase to funding.
This week MAS have written to MPs to confirm that they are increasing the budget for free debt advice by £3.6 million to £38.1 million from next year onwards.
Justin Tomlinson MP said: "This week's announcement of an increase in funding for free debt advice is welcome. Too many people who find themselves in financial difficulty do not know where to turn and this increase in funding will allow for greater support. It is right that the Government is taking action and I am pleased that the industry is contributing funds to provide support for the most vulnerable".
