Anne Main: Survey shows Credit Crunch will hit St Albans particularly hard
29th October 2008
Anne Main has drawn attention to a report which claims that St Albans may be one of the areas worst affected by the credit crunch.
Anne Main, MP for St Albans, has drawn attention to a report which claims that St Albans may be one of the areas worst affected by the credit crunch.
St Albans was placed 16th out of 408 areas in the UK in terms of possible impact of the downturn in a twice yearly report on regional economic prospects by Oxford Economics, the commercial wing of the Oxford University business college.
Anne said:
"This is very worrying. High house prices in our area, coupled with the numbers of people working in the finance and supporting sectors mean we are particularly exposed to this economic downturn.
We are also an area of particularly high credit card and personal debt, and sadly all these factors mean that many people will be struggling to keep their heads above water at the moment. I would urge anyone struggling to meet debts to contact the Citizen's Advice Bureau, who can offer a range of advice on the subject.
The Government is happy to regard us as a cash cow in good times, but is oblivious to our problems of debt and a stalling housing market. I will continue to draw our financial concerns to the Government's attention, and not be fobbed off with excuses that we are a prosperous area. As is shown by this report, St Albans needs help as much as any other area, but too often we don't get it."
Background:
Oxford Economics is a commercial venture with Oxford University's business college to provide economic advice, forecasts and analytical tools to international institutions, governments and blue-chip companies
Link to Oxford Economics UK Regional Economic Prospects Report, Autumn 2008
Table of Impacts of Credit Crunch by area:
St Albans District Citizens Advice Bureau can advise on all aspects of debt. They can help with preparing a budget statement, negotiation with creditors and representation at county court repossession hearings. Visit http://www.stalbans-cab.org.uk/ for more information.
The Bureau also has a specific debt-line telephone surgery between 9am and 12noon on Wednesday mornings for advice on debts on 01727 833855.
Link to Anne's press release with statistics on credit card debt (August 2008)."
