In the wake of a report showing that more than half of all people in the North East have less than £100 of savings, UKIP’s local Euro-MP Jonathan Arnott has urged more to be done about the high levels of poverty within the region.
The report by the Money Advice Service found that 50.7% of people in the North East have less than £100 of savings to fall back on, one of the highest rates in the country.
“At its core, people can afford to save when they’re in stable, regular employment. We need to end the abuse of zero hours contracts and ensure that our government does more to create jobs in the region with the most unemployment in the country,” said Mr Arnott.
“That means standing up for manufacturing, among ideas we’ve proposed in our Vision for the North East document.
“We also need to do better in our education system at teaching the value of saving for a rainy day, because all of us have at one time or another faced unexpected bills. When a bill strikes, the cycle of payday lenders can lead to a debt trap that is very hard to get out of.
“It’s a combination of making sure that there are enough jobs paying a decent wage to live on, and helping to ensure that people recognise the huge financial value to themselves of putting some money aside.
“The government’s decision in April to introduce a Personal Savings Allowance so that modest interest earnings aren’t taxed was a good one – credit where credit is due,” he added