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News Update: Living Wage, Energy Concerns, and AI in Banking
Manage episode 380961342 series 3492818
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In this week’s update, Paul Sweeney tackles important issues impacting UK workers and consumers. One major highlight was the impending 10% increase in the living wage, benefiting over 460,000 workers. The Living Wage Foundation sets this rate, and it's estimated at £12 across the UK and £13.15 in London, higher than the minimum wage of £10.18. Alarming polling results revealed that many below this real living wage rely on food banks, with 60% having visited one in the past year, and 39% regularly skip meals due to financial constraints.
The episode also discussed new obligations for gas and electricity providers to assist customers behind on payments. Ofcom introduced requirements for direct customer contact if payments are missed, as 3.2 million UK households are behind on energy bills. The Credit Services Association's report on vulnerability raised questions about identifying vulnerabilities and emphasized the need for collaboration between the government and energy companies.
In the banking industry, generative AI was found to offer significant benefits, including operational efficiency, cost savings, improved data analysis, and enhanced fraud detection. Finally, Stripe and TrueLayer partnered to offer European open banking payment solutions, reducing the need for individual payment portals. These discussions underscore the importance of fair wages, improved customer service, accurate vulnerability assessments, and technological advancements, highlighting the ongoing challenges and the need for positive change.
Sources:
https://www.creditstrategy.co.uk/latest-news/latest-news/real-living-wage-increases-by-10
https://www.csa-uk.com/page/vulnerability-inconsistency-report#
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