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What does Budget 2018 mean for you?

  • 29/10/2018
  • Author:Liam.Evans@turn2us.org.uk

How will you be affected by the new announcements?

Budget briefcase

The Chancellor of the Exchequer, Philip Hammond, has revealed his Autumn Budget. But what does it mean for you?

Here are some of the key points:

Universal Credit

Two major announcements were made, firstly the Government committed to additional protections for people transitioning to Universal Credit. These will be announced when the plans are finalised.

Secondly, the Work Allowance will be increased by £1,000 per year. However we are waiting for further details on this announcement.

Tax Allowances

The personal allowance will be increased from £11,850 to £12,500 in April 2019. This means you will not have to pay tax on anything you earn under this figure.

Minimum Wage

The Minimum Wage will increase by 4.9% from £7.83 to £8.21 in April 2019.

Credit

The Budget announced a few new measures to help increase access to affordable credit including; an Affordable Credit Challenge Fund, a breathing space scheme, support for the Credit Union sector and a no-interest loan scheme pilot.

Disabled Facilities Grants

An extra £45 million was announced for Disabled Facilities Grants in 2018-19. If you have disabilities, you may be able to get a Disabled Facilities Grant from your local authority for work to your home so you can live an independent life.

New Enterprise Allowance

The New Enterprise Allowance will be extended to offer training and allowances to help benefit claimants start their own businesses to 2021.

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