Martin Lewis: What the Budget 2024 means for your pocket. 10mins
The budget will certainly help employers with the NI cut. It won't help those on low incomes. People on low incomes will be paying more tax on their vapes, cigarettes and tobacco. There wasn't much for people on low incomes in this budget, a freeze on petrol prices and alcohol and that is about it. Although the previous budget in 2023, did give people an increase in minimum wages.
Disappointed that the threshold for taxation wasn't raised, the thresholds have been frozen for far too long.
It's a reasonable budget to encourage people to save. However, what they have to do now is tell the one million legal migrants that aren't working to leave the country, then GDP would go up. Bearing in mind that when David Cameron was PM he said that anyone earning less than 36K would have to leave the country. Priti Patel reduced it to 24K to cover nurses, and Suella Braverman increased it again to 38K, although I think she made special provisions for nursing staff.
Was the budget a vote winner for the Tories? I don't think so. I don't think people are going to vote on the outcome of the budget in this forthcoming election. Yes, there are economic issues, but a lot of the economic woes are because of the impact of mass migration on our finances, housing, NHS, and infrastructure.
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