With the cost of living on the rise, many people are struggling to live off low incomes. The current national wage is £7.83 per hour, which for many, is simply not enough to pay off all their bills let alone have spare to spend to Christmas etc. With this year’s budget due to be released in the next week, many people are speculating that the national minimum wage will rise again. This may only be a small rise but could possibly help out a number of people who are barely scraping by.
Currently, if you earn over £11,850 per year you have to pay tax. Again this is hitting many families and individuals hard and seeing a massive amount of their wage taken away from them at the source. The tax threshold has been increased over the past few years and many expect to see the same happen in this budget.
There are many other aspects of the budget that will affect the financial situation for millions of people and hopefully, there will be further developments in helping people back into employment and finding work. Often the budget is released but does not take effect for 6- 12 months, so you may have to wait sometime to see it having an impact on your salary.