The consensus on George Osborne’s budget this week from the UK public appears to be that it will not make much of a positive impact on their finances.
The only really positive response was to the government’s decision to raise the income tax threshold to £10,000, with 88 per cent welcoming the rise.
Research from uSwitch reveals that 35 per cent of people believe the UK is more likely to fall into a triple-dip recession as a result of the budget, whilst 45 per cent of people believe they will be worse off as a result of the budget.
That is better than the results of similar research from Moneysupermarket.com which found that just 18 per cent of people think they will be better off after the budget. 58 per cent of the 3,760 people surveyed think they will be worse off after the budget.
Clare Francis, Editor-in-chief at MoneySupermarket, said: "Household finances are taking a battering from all sides at the moment, and while the Government may seem to be giving with one hand, they are also taking away with the other through other tax increases and benefit cuts. This means that people are no better off, and as our poll shows, people are feeling this."
More than three quarters, 77 per cent say that savers have been forgotten and 37 per cent believe middle-income families will benefit the least.
76 per cent of consumers say that the Chancellor does not understand the financial fears of ordinary people.
65 per cent of consumers say that there financial situation has got worse since the coalition came to power in April 2010 but 58 per cent say that the situation would be as bad or worse under a Labour government.
Respondents were not impressed with the decision to knock off 1p a pint from beer duty, with 29 per cent opposed to the move, whilst 54 per cent of parents described the new childcare tax relief scheme as “too little, too late”. Parents say they need help now rather than in 2015.
Unsurprisingly, freezing fuel duty proved popular with nine out of ten respondents.
Overall, the budget was seen as positive for businesses and first-time buyers. 43 per cent said it would help small businesses, whilst 52 per cent say it will benefit first-time buyers the most.
Michael Ossei, personal finance expert at uSwitch.com, says: “Homebuyers and small businesses may be jumping for joy following this week’s Budget, but most of middle England has been left stuck in the mud.
“For many, the Government simply hasn’t done enough to help households cope with spiralling cost of living. What is somewhat depressing is that most consumers don’t feel a change in Government would make any difference to their finances – leaving them feeling trapped in a financial cul-de-sac.”
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