How the Summer Budget could affect you

How the Summer Budget could affect you

Last Wednesday, the government held an extra Budget to announce their new financial policies.

This was the first Conservative Budget for 19 years, as the last five were part of a coalition with the Lib Dems.

So what was announced, and what does it mean to you?

I’ve rounded up some of the best stories from across the web to help you decipher if you’ll be better or worse off.

General round-up

This is the summary I wrote for the Money Advice Service on Wednesday. It’s an easy way in, explaining the main announcements.

>> What you need to know about the 2015 Summer Budget

Case studies

This Guardian article has a few general examples of how the changes affect different groups – for example a single person working part-time through to a retired couple.

>>What the Budget 2015 means to you

Living wage, or just good PR?

This Martin Lewis video on the Telegraph site explains why it isn’t really a living wage, and also more details on changes to student loans.

>> Martin Lewis’s budget verdict

Benefits break down

Some of the biggest changes concern tax credits and the other benefits. The Mirror reported what the cuts mean in real terms.

>> How the Budget affects tax credits

 More take home cash from your wages

The personal allowance – how much you earn before you pay any tax will go up by £400 in April, meaning anyone earning £11,000 or more will be £80 better off. If you earn more than £43,000 you’ll also get an extra £246 in their paypack.

>> It’s got older figures, but this Be Clever Basic explains how payslips work


Leave a Reply

Your email address will not be published. Required fields are marked *