Home Business News Spring Budget 2024: Disposable income will rise and there will be help for those who are in debt

Spring Budget 2024: Disposable income will rise and there will be help for those who are in debt

by LLB Finance Reporter
6th Mar 24 12:50 pm

The Chancellor has said that household disposable income will rise by 0.8% and mentioned the predictions made by the Office for Budget Responsibility (OBR).

The OBR has predicted that real household income per person will drop by 2% over the past 12 months.

The Chancellor said, “Instead, after the support [government has provided] it is on track to rise by 0.8% and today I take further steps to help families with cost of living pressures.”

Jeremy Hunt announced measure to help those who are falling “into debt” and will increase  repayment periods.

Hunt said, “Nearly one million households on Universal Credit take out budgeting advance loans to pay for more expensive emergencies like boiler repairs or help getting a job.

“To help make such loans more affordable, I have today decided to increase the repayment period for new loans from 12 months to 24 months.”

The chancellor added, “The best way to resolve debt is through a debt relief order. But getting one costs £90, which can deter the very people who need them the most.

“So having listened carefully to representations from Citizens Advice, I today relieve pressure on around 40,000 families every year by abolishing the £90 charge completely.”

The Chancellor has announced during his Spring Budget that he will allocate £1 million to help build a Muslim war memorial for those who fought and died in the two world wars.

Hunt told MPs that “unemployment has halved” and that “absolute poverty has gone down.”

Jeremy Hunt told MPs in the House of Commons, “Whatever your faith, or colour or class – this country will never forget the sacrifices made for our future.”

Hunt then said, “Of course, interest rates remain high as we bring down inflation. But because of the progress we have made… we can now help families not just with temporary cost of living support, but with permanent cuts in taxation.”

The chancellor added, “We do this to give much needed help in challenging times. But also because Conservatives know lower tax means higher growth.

“And higher growth means more opportunity, more prosperity and more funding for our precious public services.”

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