Refunds to people affected by the payment protection insurance (PPI) misselling scandal could lift the UK economy in the same manner as a tax cut.This is according to the National Institute of Economic and Social Research (NIESR), which suggested the £10 billion earmarked for PPI claims could raise the UK's gross domestic product (GDP) by 0.1 per cent, noting this is a conservative estimate.Recently, the Office for National Statistics revealed the UK's GDP fell by 0.7 per cent in the second quarter of 2012.Director of the NIESR Jonathan Portes noted the timing of PPI refunds is "quite good" from a fiscal point of view."PPI payments are a boost to household finances which are broadly the same as having a temporary tax cut," senior research fellow for the group Simon Kirby declared.The average payout for a PPI claim is £2,750, which is giving a much-needed boost to household finances at a time when Brits are especially cash-strapped.Charles Baker Charles is a reputed financial analyst with decades of experience under his belt
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