Cautious welcome for budget

By a County Press reporter

Thursday, March 20, 2014

 

A CAUTIOUS welcome has been given to yesterday’s (Wednesday) budget by the chief executive of the Isle of Wight branch of the Citizen’s Advice Bureau.

Lee Hodgson warned however, that many people on lower incomes still faced a 'daily struggle to fight off poverty’ and making ends meet.

Mr Hodgson said: "The proposals to free up pensions are welcome, particularly the new 'right to advice’ which recognises the significant value of impartial trusted advice.

"The chancellor George Osborne talked about making, doing and saving. The budget needs to work for those who are making do and can’t save.

"We’re half way through the austerity programme and many spending cuts have yet to bite. Families are feeling the cumulative impact of the stripping away of support and services from all sides.

"Support for childcare will be a welcome relief but it’s only partial respite for households dealing with almost a decade of austerity.

"Better targeting childcare support to the poorest families will help to make work pay for them. Stronger immediate investment in house building would ease the pressure on people struggling to manage rocketing housing costs. Putting weight behind efforts to help young people into work will prevent a new generation of long-term job seekers."

He added: "Government must take the long view of positive economic news. Unemployment is down, but growing self-employment can be a sign of instability. Self employed people are as likely to get debt help from their local Citizens Advice Bureau as unemployed people."

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by Valerie Ching

24th March 2014, at 05:31:31

An outstandingly awful budget in my view and cynically self serving to boot. Tax threshold raised for working age people, balanced by old age tax allowance frozen so the allowances will soon match. Only benefits are for rich pensioners. For Pensioners on incomes just above pension credit qualifying level but less than 16k p.a. the triple lock produces £2.97 extra cash a week - more than swallowed by council tax, water rates and energy bills increases. George Osborne privatises everything not nailed down; costs rise as the shareholders profits require a cut in services to fund this and the overheads of commissioning govt or councils continue in parallel. This will see off the NHS soon. Existing pensioners not on Pension Credit are trapped as the basic state pension income shrinks by inflation. New single tier pension above pension credit qualifying level locks this in. Taxes and GDP boom due to spending pension pots lasts 10 years then UK is bust but rich OK & MPs are Lords!! S

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by David Blackford

21st March 2014, at 06:48:12

Sadly Robert we live in an age where Politicians, especially senior ones, think more about keeping their prestigious jobs than being concerned about the wellbeing of the Country and its citizens.
Long ago there were Rotten Boroughs where MPs bribed people to vote for them - Now whole Political Parties do it

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by ROBERT SMITH

20th March 2014, at 17:11:47

For the adage man / woman in the street WHAT BUDGET?
Who do you know that has £1 to put in a ISA let alone £15k, and Iv got to drink 350 pints till I get a free one that's if I can afford a pint.
But if I did get any think the 1.99% increase in my council tax takes it.
But they are kind to give us OUR pensions money back ( minus tax). But is that because NO ONE can afford to put money into them anymore.
YET again under the TORIES / LIB DEMs those who HAVE, GET and those who have DONT get F**K all.

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by David Blackford

20th March 2014, at 12:38:39

In my opinion the Budget is typically, "like the curates egg"
Removing the requirement to purchase annuities is good as it stops the high charges made by brokers and insurance companies for setting up and running annuities. However, I think there should have been some control over how much and how quickly money from a pension pot can be spent.
Obviously there will be a few individuals who will spend it all (whoopee, I'm in the money types) and come begging for Government hand-outs when it's gone. Also, with men tending to peg out before their wives - no provision to ensure that wives will not be left in dire straits

Any views or opinions presented in the comments above are solely those of the author and do not represent those of the Isle of Wight County Press.

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