Budget Reveal Sparks Concerns Over Tax and Living Costs

  • WorldScope
  • |
  • 29 October 2024
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On Wednesday, the upcoming Budget will disclose individual tax obligations and how the government plans to allocate funds for essential services such as the NHS, education, and transportation. BBC News has been gathering insights from people across various income levels about their expectations from the Budget and their concerns regarding potential impacts.

Hannah Clarke, a mother of two from Rutland in the East Midlands, has recently transitioned from juggling two part-time jobs to studying full-time for a degree in midwifery. She also works part-time as a beauty technician, earning around £1,800 monthly mainly through a student loan that is not taxed. This income barely covers her increased mortgage payments, utility bills, and fuel costs. She advocates for free school meals to be accessible without means testing or suggests lowering the eligibility threshold. Additionally, she opposes any increase in fuel duties that would burden drivers with higher costs.

Luken Coleman, a Level 3 business administration apprentice residing in Newbury, earns approximately £1,500 monthly. Despite working full-time and attending college once a month, he pays his parents £200 for rent and handles his own expenses. Luken wishes apprentices earned more as the average local rent is between £700 to £900 monthly, making independence challenging.

Meanwhile, Yasmin Taylor from Kent works as a tech consultant and is a single mother of two young children. With monthly childcare costs reaching £2,600 and her salary at £150,000 excluding her from Child Benefit and other support programs, she feels penalized for having children despite her hard-earned success. Her primary concern is rising energy bills this winter.

Kirsty Brett works part-time as a cleaner at minimum wage and recently moved in with her sister while seeking new housing after leaving her job as a carer due to health issues. She believes the National Living Wage should be increased significantly to reflect rising living costs.

In Brighton, Nicole Healing rents a one-bedroom flat while managing several disabilities that have hindered her employment opportunities. Although currently receiving various benefits totaling around £2,757 monthly, she fears potential cuts to support in the Budget could jeopardize her stability.

Andrew Cunningham from Glasgow expresses worries about possible restrictions on tax-free savings accounts and changes to pension tax relief which could affect middle earners like himself. He acknowledges growing concerns about relying on state pensions in the future.

Ben Howard and his wife Sarah are expecting their first child while facing increased mortgage payments that have risen by 60%. They express concerns about childcare costs impacting their job prospects.

Lastly, Allana Lamb, an army veteran and retired social worker who slightly exceeds pension credit thresholds, voices worries about sustaining living expenses amidst rising costs without sufficient government support.

Chancellor Rachel Reeves will outline financial plans for the upcoming year amidst expectations of significant wage increases aimed at supporting workers. Small businesses are reportedly cautious not to exceed earnings that would impose additional taxes.

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