Budget 2013: 35% Fear Another Recession

Bugget 2013 people fear recession

Bugget 2013 people fear recession According to a survey by Uswitch, 35% of Brits believe the UK will go back into recession as a result of the latest budget announced last Wednesday.

It would appear from the early data the average Brit feels they will be worse off as well as the country as a whole after the fourth budget from George Osborne.

The survey also found 45% think they will be worse off after the Chancellor’s speech than before it, while 76% think he doesn’t understand average people’s concern.

One of the biggest criticisms over the budget was the lack of effort to help savers and this is reflected in the survey with 77% believing savers were ignored.

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. People did not expect much from the Budget but have received even less than they had hoped for. Taking 1p off a pint is not going to cut it for the millions of homes struggling to pay their essential bills every month.

“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. But there are always things you can do to help improve your finances, no matter how small.”

Even those changes which many thought were positive didn’t receive a welcomed response with 54% saying childcare tax savings is “too little too late”.

However there were some positive responses to the changes made last week, such as 88% welcoming the rise in personal allowance to £10,000.

This has meant anyone earning under £10,000 pa will not have to pay any income tax which is up from £8,105 and will see 3 million relieved of the tax.

Another vote winning change was the freeze placed on the fuel duty which was set to rise 3p in September with 91% agreeing this was a good decision.

It was clear early on that the aim with the budget was to help small businesses and home buyers so it was inevitable some would not be happy about choices taken.

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