Concern Grows Over Household Finances
New research reveals Wednesday’s Budget has sparked concern for four in ten Brits who are worried about the implication of the measures on their finances.
A further 25 percent of those surveyed admitted they now feel less confident about the country’s finances as a whole following George Osborne’s Budget announcement, uSwitch found.
An even larger percentage fear that we have yet to see the end of the recession as the current economic situation seems so bleak, according to 37 percent of respondents.
“Wednesday’s Budget may have been billed as a growth budget, but consumer confidence has remained low,” said Ann Robinson, uSwitch director of consumer policy.
“Stripping down living costs and household bills to the bare minimum will help consumers enjoy more disposable income, and will also help them save for the future.”
The study also showed 20 percent are more fearful of losing their job while 37 percent claim they feel worse off now than they did before the Budget.
The nation was also shown to be wary about making any major changes in their life, whether this is financial or otherwise as 58 percent showed concern.
The Chancellor announced on Wednesday that he will cut the cost of fuel by 1p per litre and will defer April’s inflation only increase until next year. However, concerns remain as welfare cuts will go ahead as planned.
“We need a fair family stabilizer not just a fair fuel stabiliser,” said Hent Dent, Family Action chief executive.
Funding for 80,000 work experience placements for young people and an additional 50,000 apprenticeship places will be made available, aiming to aid the problem of high youth unemployment. However, little was mentioned regarding unemployment for older workers.
The research by uSwitch showed unemployment is the biggest issue consumers think the Government needs to address, as 29 percent stated, and this was followed by 25 percent who think the benefit system needs a change.