🔎 What Jeremy Hunt's Budget means for you and your money BudgetDay2023
A raft of changes were announced today by Chancellor Jeremy Hunt in the Budget from the scrapping of the lifetime pension allowance to increased help with childcare when babies are just nine months old.
However, this amount has been increased to £10,000. This will help people who had retired, then went back into work later, and found the amount they could save into a pension vastly reduced.The Energy Price Guarantee is officially remaining at £2,500 for next three months. This would save households £500 a year if it wasn’t for the ending of the £400 Government support scheme, which was handed to homes in £67 and £66 increments over the past few months.
From September 2024, that 15 hours will be extended to all children from 9 months up, meaning a total of nearly one million parents will be eligible. From September 2025 every single working parent of under 5s will have access to 30 hours free childcare per week. It will also increase the funding paid to nurseries providing free childcare under the hours offer by £204m from this September rising to £288m next year. This is an average of a 30 per cent increase in the two-year-old rate this year.Sanctions will be applied more rigorously to those on Universal Credit without a health condition, who are looking for work or on low earnings.
These changes are going to make it much harder for people who do not work and who the Government thinks should.The Government will abolish the Work Capability Assessment in Great Britain and separate benefit entitlement from an individual’s ability to work.
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