Chancellor Philip Hammond delivered his first Spring Budget and revealed plans for next year and beyond. But what does all this mean to you, how will it affect us all?
Has he kept his promise of making the economy stronger and fairer, make it work for everyone?
Whilst your initial question might be “Am I going to be worse off’ you might be surprised that there is actually some good news in this Spring Budget which will save you money.
One of the positive points is that the amount of money you earn without paying tax is going up to £11,500 a year from April, which means an increase in your take home pay.
On a less positive note, the number of tax-free benefits that you can have through work are no longer tax-free with the exception of pensions, childcare and the cycle to work scheme.
The increase in free childcare support for 3 & 4 years old will allow many parents the opportunity to return to the workplace and free school funding showing a further commitment into preparing the next generation for a long and fruitful working life.
Not such good news for the self-employed as he increases business rates and tax to bring the gap between the employed and the self-employed closer and make it fairer.
For those of us who have signed up to a free trial of something and then find we’re automatically hooked into a subscription we didn’t really want, there is a new green paper being launched to investigate this further.
With so many of us drivers another positive announcement was the freeze of fuel duty, but as always he giveth and then he taketh away by increasing car insurance next month.
On the whole it wasn’t a bad budget there was some good news and whilst savings are still not showing any growth, with many of us unable to put anything away at the end of the month, investing in property is still a surefire way of protecting your money and saving at the same time as property is still increasing in value.
Our sales advisors may not be able to give you an informative run down on the ins and outs of the Budget, but they can help you invest wisely in a new property and provide you with added value and extras where available.
Call in to one of our developments this weekend and take a look around some of our stunning show homes.