By NewsBlogger Chancellor Jeremy Hunt’s spring Budget announcement introduced various financial support measures in the UK, including a 2p National Insurance tax cut and an extension to the Household Support Fund, although concerns have been raised about the potential disproportionate benefits for higher earners and the ongoing issue of absolute poverty.
At a glance
- Chancellor Jeremy Hunt’s spring Budget introduced financial support measures.
- The Resolution Foundation raised concerns about new measures that would benefit higher earners.
- Inflation dropped to 3.4% in March, the lowest level since the end of 2021
- Household Support Fund extended for 6 months, budgeting advance loans available
- Energy assistance, council tax reductions, and free childcare for working parents
The details
Chancellor Jeremy Hunt’s spring Budget announcement introduced several key changes aimed at providing financial support and assistance to various groups in the UK.
The Budget included a 2p National Insurance tax cut, modifications to Child Benefit, and an extension to the Household Support Fund.
Concerns Raised by Resolution Foundation
However, concerns have been raised by the Resolution Foundation think tank, which believes that these new measures disproportionately benefit higher earners and may not adequately address the issue of absolute poverty, which has been on the rise in the UK for the past two years.
On the economic front, there have been some positive developments, with inflation dropping to 3.4% in March, marking the lowest level since the end of 2021.
Additionally, it has been reported that nearly £19bn in benefits goes unclaimed each year, highlighting the need for improved awareness and accessibility to these resources.
Financial Assistance Measures
To address the financial challenges faced by individuals and families, the Household Support Fund has been extended for an additional 6 months, offering much-needed assistance to those in need.
Budgeting advance loans are also available for individuals on Universal Credit, while charitable grants are being provided to various groups to help alleviate financial burdens.
In terms of energy assistance, some energy providers are offering support to individuals struggling with energy bills, and council tax reductions are available for those who meet specific criteria.
Additionally, all working parents in the UK are entitled to 30 hours of free childcare for children aged 3 to 4, providing valuable support for families.
Upcoming Changes and Concerns
Looking ahead, changes are on the horizon, with the energy price cap set to drop to £1,690 from 1 April and benefits and state pensions scheduled to increase in April 2024.
However, concerns have been raised by the Child Poverty Action Group about the benefits cap potentially pushing more people beyond its threshold, underscoring the ongoing challenges faced by vulnerable individuals and families in the UK.
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| independent.co.uk |
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| – Chancellor Jeremy Hunt’s spring Budget included a 2p National Insurance tax cut, changes to Child Benefit, and an extension to the Household Support Fund – The Resolution Foundation think tank expressed concerns that the new measures unfairly benefit higher earners – Absolute poverty in the UK has increased for two consecutive years – Inflation dropped to 3.4 per cent in March, the lowest level since the end of 2021 – Nearly £19bn in benefits goes unclaimed each year – The Household Support Fund has been extended for 6 months – Budgeting advance loans are available for people on Universal Credit – Charitable grants are available for various groups – Some energy providers offer help for those struggling with energy bills – Council tax reductions are available for those who meet certain criteria – All working parents in the UK are entitled to 30 hours of free childcare for children aged 3 to 4 – The energy price cap is set to drop to £1,690 from 1 April – Benefits and state pensions are set to increase in April 2024 – The Child Poverty Action Group has warned about the benefits cap pushing more people beyond its threshold |
