Budget 2016: Perennial’s Debt Advice Service even more essential as Money Advice Service closes

The briefcase used by the Chancellor of the Exchequer for the Budget

Demand for Perennial’s specialist Debt Advice Service may increase following the planned closure of the government funded Money Advice Service. Chancellor George Osbourne announced its abolition in his Spring Budget, delivered on Wednesday 16 March 2016 (ref. 7.39: Financial Services in Budget 2016), to be replaced with a ‘slimmed down money guidance body’ and a separate pensions advice service. Speaking about the effect the closure may have on horticulturists, Perennial’s Director of Services Sheila Thomson said:

“Our debt advice service continues to see a year on year increase in the number of clients it helps and we anticipate even greater demand as the government funded Money Advice Service is abolished in favour of a smaller advice service. We will continue to work closely with all money advice bodies to ensure people who are struggling with debt and financial insecurity receive timely and relevant advice and support.”

For the full Budget 2016, visit the Treasury website here.

Perennial announced its debt advice service usage statistics in February 2016. For the full story click here.