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BUDGET 2023: MARTIN LEWIS GIVES HIS VERDICT ON CHANGES TO CHILDCARE, PENSIONS
AND TAXES

Money Saving Expert Martin Lewis has shared a video on social media to give a
summary of Jeremy Hunt's Budget 2023 - addressing issues such as childcare,
pensions and taxes

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Martin Lewis has issued his verdict on the Chancellor's Budget announcement,
addressing the main points including tax, energy, childcare and pensions.

The Money Saving Expert said people may be surprised that there was not much
mention of tax in Jeremy Hunt's Budget - but this does not mean it is not
important.



Sharing a video on Twitter, Mr Lewis said: "We are in an inflationary
environment where prices are going up rapidly and many people's incomes are
rising too, though not by as much as inflation, which means in real terms
they're taking a pay cut.

"But tax thresholds are frozen, which means what's really happening here is the
Exchequer is trying to bring in more money by what's called 'fiscal drag'."

Budget 2023 calculator: See if you'll be better or worse off after Jeremy Hunt
statement

The Money Saving Expert has addressed the main issues of the Budget (
Image:
Twitter)

Mr Lewis said he was "rather sorry" to hear that the Government has not done
anything on Lifetime ISAs, meaning the biggest property you can buy is still
£450,000 - the same since 2017.

He said in the video: "No real change there, but no change is important."

Addressing energy, Mr Lewis said he is "delighted" to say that the Energy Price
Guarantee is not going to rise by 20% in April as it was meant to.

The money expert said he energy prices will stay "roughly flat" in April and
hopes they will drop in July once the price cap gets cheaper.


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But he warned: "The fact that bills are flat doesn't mean you won't pay more
because in April it's confirmed the £66 to £67 winter bill support that everyone
has been getting is due to end.

"So that means, especially for those who have lower usage, you're
proportionately going to see quite a big hit, £66 to £67 a month increase in
your actual expenditure, I'm afraid."


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Whether it's rocketing energy bills, the cost of the weekly shop or increased
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Every Thursday at 1pm they will take part in a Facebook Live event to answer
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emailing webnews@mirror.co.uk.

Mr Lewis said it's "very good news" that from July 1, people on prepayment
meters will pay the same amount as those on direct debit.

Currently, people on prepayment meters pay roughly 3% more - which adds up to
around £45 a year on a typical bill.

However, Mr Lewis said that if fixed tariffs come back, they are usually not
offered on prepay, meaning that those who have direct debits will probably be
able to get cheaper deals.

In a Budget aimed at increasing the numbers of people in work and the
productivity of British firms, the Chancellor said the economy would avoid a
recession and was "proving the doubters wrong".


Martin Lewis has issued his verdict on the Budget (
Image:
Twitter)

But the size of the economy is still forecast to shrink this year, living
standards are the worst on record and the tax burden remains on course to be the
highest since the Second World War.

Mr Hunt committed to spending more than £5.2 billion a year in 2027-28 on
offering working parents in England up to 30 hours of funded childcare for
pre-school children aged from nine months.

The move is expected to raise employment by 60,000 as it frees up parents to
work, as well as "raising the hours worked by mothers already in work", the
Office for Budget Responsibility (OBR) said.

Mr Lewis said: "Once the numbers come out, my suspicion is many who have higher
childcare costs and are on tax credits will be better off shifting to Universal
Credit.

"But that is not a simple decision especially because Universal Credits are
eligible to what's called deductions, which many on tax credits aren't."


Chancellor of the Exchequer Jeremy Hunt delivering his Budget to the House of
Commons in London (
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For businesses, a three-year temporary tax break will allow investment in plant
and machinery to be written off against corporation tax - which will rise from
19p to 25p in April - costing £10.7 billion in 2024-25.

A multi-billion pound tax break on pensions is intended to stop an estimated
15,000 high earners - including senior NHS doctors - leaving the workforce.

Mr Hunt abolished the £1.07 million lifetime allowance - the total amount of
tax-relieved contributions that an individual can accumulate - and increase the
tax-free annual allowance from £40,000 to £60,000.

The measures will cost the Treasury more than £1.1 billion year by 2027/28, but
the independent Institute for Fiscal Studies said it would have only a limited
impact on employment.


Keir Starmer speaks during Prime Minister's Questions in the House of Commons (
Image:
PA)

IFS director Paul Johnson said they would "encourage a relatively small number
of better-off workers to stay in the workforce a bit longer" while Labour leader
Sir Keir Starmer branded it a "permanent tax cut ... for the richest 1%".


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Addressing pensions, Mr Lewis said: "I think the most interesting change to
pensions is one he (the Chancellor) didn't mention, which is the money purchase
allowance is going up from £4,000 a year to £10,000 a year."

Mr Hunt committed to spend around two-thirds of the £25 billion a year
improvement in the public finances.

The OBR said the economy would avoid a technical recession - two consecutive
quarters of shrinkage - but it still forecast a contraction of 0.2% this year, a
significant improvement on the -1.4% predicted in November.


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says


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Budget


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