Financial advice must be available now to halt spiralling debt - Cable

5.58.32pm GMT Mon 15th Jan 2007

Commenting on today's Government launch of a taskforce to look at offering free financial advice for all adults, a policy advocated by the Liberal Democrats, Liberal Democrat Shadow Chancellor, Vince Cable MP said:

"I am glad the Government has finally woken up to the needs of millions of hard working families.

"With personal debt levels spiralling out of control, free generic financial advice is needed now. However, reports that this scheme will not be up and running until 2012 are shocking.

"It would seem that even the Government now recognises that while millions remain eligible for means tested benefits, people will not know their suitability for Personal Accounts without independent advice.

"The Government does not need to reinvent the wheel around financial advice but should aim to build on existing services in partnership with organisations such as the Citizens Advice Bureau."

Applicability: this item refers to England and Wales. Due to devolution, detailed policy may be different in other areas of the UK.