- Monday, 26 October 2009Bank of England governor Mervyn King last week suggested that the effects of the recession would be felt for a generation.
The continued financial difficulties suffered by the British public could result in an increase in the number of people entering into
individual voluntary agreements (IVAs).
The National Institute of Economic and Social Research (NIESR) has come out in support of Mr King's assertions and agreed that the levels of debt currently facing the country are a significant problem.
Martin Weale, director of the NIESR said: "It is true that people will be paying for the crisis of the associated recession for a generation – after all, debt is rising very sharply, and that is a big burden."
The public sector trade union UNISON recently criticised the amount of money that bankers were expected to receive compared to the costs incurred by the taxpayer, labelling the situation a "disgrace".
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
Brits dealing with Finance Management should shop around for car insurance Wed, 04 May 2011
Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
Equity release can be used to 'become debt-free'Tue, 26 Apr 2011
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