What You Need to Know This Week
- Bank of England’s Monetary Policy Committee maintained the Bank Rate at 4.5%.
- UK government borrowing was higher than anticipated in February, adding fiscal pressure before the Spring Statement.
- Significant rise in debit and credit card transactions in December 2024, indicating increased consumer spending.
- The government plans major welfare benefit changes to reduce expenditure, including ending reassessments for those with severe, long-term conditions.
- Colin Trend’s profile highlights his 30-year experience in financial difficulty service design.
- Upcoming increases in household bills, including a 7.5% rise in costs for Virgin Media services from April.
- The new Money and Pensions Service Standard Financial Statement figures will take effect at the start of the new financial year, affecting financial assessments in debt management plans.
- Financial Conduct Authority issued guidance on supporting customers in vulnerable circumstances effective from 7 March 2025.
- Personal insolvency statistics for February 2025 show a mix of bankruptcies, DROs, and IVAs in England & Wales.
- A QA Framework workshop is scheduled for early May 2025 to discuss secure shared services and risk management frameworks.
- The UK government calls for evidence on data intermediaries to inform policy on data sharing and protection.
- The Financial Conduct Authority and Information Commissioner’s Office are seeking feedback on AI deployment within financial services by 9 May 2025.
Read the full summary – here
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