Budget 2023: How It Will Impact Your Wallet Today

  • WorldScope
  • |
  • 29 October 2024
Post image

The upcoming Budget is set to outline the tax obligations for individuals and the government’s allocations for essential services such as the NHS, education, and transportation. BBC News has engaged with a diverse group of individuals regarding their expectations from the Budget and the potential impacts on their lives.

Luken Coleman, a Level 3 business administration apprentice earning approximately £1,500 monthly, shared his experiences. Living in Newbury with his parents, he contributes £200 in rent but struggles to afford independent living due to high local rental costs averaging between £700 to £900. He feels that apprentices deserve better pay to enhance their financial independence and mental well-being.

In Rutland, Hannah Clarke, a mother of two, recently transitioned from part-time jobs to full-time study for her midwifery degree while working as a beauty technician. Earning around £1,800 monthly through a combination of her work and student loans, she finds it challenging to manage rising living costs, including a significant increase in her mortgage. She advocates for free school meals to be more accessible and expresses concern about potential rises in fuel duties.

Yasmin Taylor from Kent faces substantial childcare expenses of £2,600 monthly as a single mother. Despite her tech consultancy salary of £150,000, she feels penalized by the system as she does not receive Child Benefit or additional childcare support. She worries about rising energy costs this winter and is also attentive to any changes regarding capital gains tax that might affect her career progression.

Kirsty Brett works part-time as a cleaner earning minimum wage and is currently seeking affordable housing after moving in with her sister. With health challenges like osteoporosis affecting her previous job, she relies on Personal Independent Payments but believes the National Living Wage should rise to at least £15 an hour due to escalating living expenses.

Nicole Healing, who rents a flat in Brighton while managing disabilities that prevent them from working consistently, receives various benefits totaling over £2,800 monthly. Despite feeling relatively stable now, Nicole is anxious about possible benefit cuts announced in the Budget and expresses concerns about affordability due to rising energy bills.

Andrew Cunningham and his husband from Glasgow have been diligent savers but are worried about potential caps on tax-free savings and pension contributions in the upcoming Budget. They question whether they can rely on state pensions in the future given historical spending trends.

Expecting their first child in February, Ben Howard and his wife face rising mortgage payments which have increased by 60%. He believes that government actions regarding childcare costs are inadequate for working families' needs.

Lastly, Allana Lamb, a veteran and retired social worker worries about not qualifying for winter fuel payments due to being slightly above the pension credit threshold. She anticipates tougher times ahead with increasing living costs expected from the new Budget proposals.

You May Also Like