Bev Budsworth, managing director of The Debt Advisor commented: “Today’s Budget will be blow for many people who are struggling with their household finances as the Chancellor continues to make cuts to the welfare bill.
“Only the lowest-income families will be able to claim tax credits as the threshold is lowered to £3,850 and after 2017, any families with more than two children will be hit harder with tax credits limited to the first two children. Coupled with a benefits cap of £20,000 for the majority of the population, this is a bitter pill of a Budget for low-income families to swallow.
“Although, the Chancellor has announced a ‘living wage’ initially of £7.20 per hour, rising to £9 per hour by 2020, he didn’t give any real detail around this and, as it won’t be introduced for another year and will only be slightly more than the minimum wage when it is implemented, it offers little respite for families struggling with their finances right now.
“In my view the cut in corporation tax was unnecessary and would have been better used to off-set the deepest cuts to the neediest in our society.
“The Chancellor may have billed his Budget to be ‘building the aspirations of working people’ but, in my view, this summer Budget has done little to help those who are struggling with their finances and who are deeply worried about more austerity cuts at a time when they can least afford it
“With cuts to students, low-income families and benefit claimants, we need to ask ourselves is this really a fair Budget or just a delivery of the vote-winning promises the Chancellor made to middle class voters in the spring.”
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