The Wonga coup: Chancellor George Osborne's 'gift to the payday lenders' in Government Spending Review
'George Osborne was accused of driving the jobless into the arms of foodbanks and payday lenders tonight after announcing that the unemployed would have to wait seven days before claiming benefits.
In his government-wide spending review, the Chancellor unveiled an unexpected £365m package of further cuts in welfare. Under a "work first" policy, the jobless will have to sign on every week instead of fortnightly; look for work from the start of their claim and learn English or face losing benefits if poor language skills are a barrier to work. Single parents will have to prepare for work when their youngest child is three so they can get a job when the child is five.'
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Millions told they will have to work longer or cut spending to pay the mortgage
'In a bleak warning, the Bank of England warned that just a small rise in rates from the current 0.5 to 1.5 per cent could cause significant levels of "borrower distress" and yet more bank losses.
A rise to 2.5 per cent could force households holding 20 per cent of Britain's £1.3 trillion of mortgage debt to take some kind of action to keep up with repayments. This could include "cutting essential spending, earning more income or changing mortgage".'
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