BHO Recap: Key Budget points affecting families
BHO Recap: Key Budget points affecting families noted in The Times review today of the budget include:
1. A boost for universal credit claimants who work from the 1st December 2021. The Times explains that in practice it means that for every £1 extra earned, 55p of universal credit will be withdrawn rather than the 63p which is currently the case or in other words people claiming universal credit will be able to keep an extra 8p for every £1 they earn. The government will also increase work allowances by an extra £500 a year. This means claimants can earn more before they start seeing the universal credit pay outs being reduced.
2. Fuel duty freeze. The Times reports that this will save the average car driver £1,900 over the next five years. This impacts families that rely on their cars to work and meet contact arrangements.
3. Cost of alcohol reflects the alcohol content in the drink. The higher the alcohol content, the higher the rates. The lower the alcohol content, the lower the rates.
4. Flying within the UK will be cheaper but flying long haul will be more expensive. This will impact families that have contact arrangements that involve travelling distances.
5. Pensions may become more expensive. A consultation is to take place. This could impact the available pensions to share on divorce.
6. £500 million is to be spent on families with the creation of 75 Family hubs as well as supporting the mental health of expectant parents. This will help support families.
Written. by:
Karen Newman, Consultant Solicitor, Boardman, Hawkins & Osborne LLP
More in Finance
How B4 members could benefit from Salary Exchange before National Insurance...
Sarah Herd, Head of Workplace, Wren Sterling
UK Bond Market: What You Need to Know
The UK government bond market is once again making headlines as yields on longer-term debt surge to levels not seen in decades. This latest development has raised concerns among investors and policymakers, presenting significant challenges for the government’s fiscal plans.
B4 Finance Ecosystem: The specific opportunities and challenges that women encounter...
Charles Stanley are committed to fostering a proactive approach to investing and their goal is to empower women to make well-informed financial decisions and capitalise on potential growth opportunities. They also strive to support women in crafting their unique financial narratives, enhancing their knowledge, and understanding of investment strategies, and building a robust and influential female network.
From this author
Boardman, Hawkins & Osborne LLP continue long-standing B4 relationship
Boardman, Hawkins & Osborne LLP has recently entered their 6th year of operation, and their 6th renewal with B4, and 2nd as Platinum Members.
Separating couples and parents urged to avoid courtroom conflict as Family...
People who have decided to separate or divorce in 2025 are being urged to find out how to avoid courtroom confrontation to settle money and parenting arrangements, with the launch of Family Mediation Week, 27 – 31 January.
Boardman, Hawkins & Osborne Legal 500 Success
BH&O LLP goes ‘from strength to strength’, and is recommended for its strength in care proceedings, adoption, and finances, often representing unmarried couples.