The Rest Is Money 104. Martin Lewis: Are we better off under Labour?
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Oct 23, 2024 Martin Lewis, a renowned money expert and founder of Money Saving Expert, joins the conversation to dissect critical issues affecting consumers. He exposes the government's errors regarding winter fuel payments and reveals the harsh realities of local council debt collection practices. Lewis discusses the pressing need for financial education in schools, sharing anecdotes from his campaign. He also addresses the alarming rise of online scams and deep fakes, calling for better protections and accountability from social media platforms.
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Improve Winter Fuel Payment Means Testing
- Means-test Winter Fuel Payments, but raise the threshold from £11,400.
- Consider council tax bands A-C for pensioners as a simpler proxy for income.
Flawed Means Testing Excludes Vulnerable Pensioners
- Using pension credit for means-testing excludes vulnerable pensioners due to underclaiming.
- This, coupled with rising energy costs, leaves many worse off despite the triple lock.
Council Tax Bands as a Proxy for Income
- Martin proposed using council tax bands A-C to mitigate means-testing issues.
- This is imperfect but workable, saving significant money while targeting aid better.