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Student debt problems could 'be made worse'

Student debt problems could 'be made worse'

- Wednesday, 23 June 2010

Chancellor George Osborne announced the emergency Budget yesterday (June 22nd) and revealed the government would be selling the student debt book.

Moneysupermarket.com has expressed its concerns over this policy.

Kevin Mountford, head of banking for the site, said: "The safe management of this book is clearly not a priority for the government, we could see some unscrupulous debt chasers emerge from the shadows."

The selling of the student debt book could lead to further debt problems for graduates if the third party who agrees to purchase it increases repayments.

The book is a student loan portfolio and the government currently subsidises interest on student loans – at a cost of £16 billion a year.

Other financial measures introduced include a bank levy, which should generate £2 billion in annual revenue. An increase to insurance premium tax was also announced.

This tax could affect young drivers as their car insurance premiums will increase, maybe by as much as £130 a year.

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