Need to know basis
On the money. Is the budget on the money or did the government fudge it? Check out our explainer on what the budget means for you and your bank balance – from energy bills to childcare reforms, taxes and the drive to get people into work.
Comparing notes. Did the chancellor miss out on key opportunities? Here’s what the government could have announced in the budget, including proper pay rises for key workers, a guarantee to make sure people have enough to live (at the very least) and investing in renewable energy.
Working it out. Hunt’s budget is big on driving people back to work - with enormous reforms to childcare, an end to work and capability assessments and pension perks to get over-50s off the golf course and back into work. But campaigners have warned this drive could impose “cruel sanctions” on disabled people, forcing them into unsuitable work.
Green screen. There was little mention of the climate crisis and housing in the government’s budget. These are the environment policies that campaigners think should have been included – including better insulated and affordable homes and a tougher windfall tax. And this is an interesting analysis from Inside Housing on the disappointment in the housing sector.
Falling short. Even after benefits increase in April and with cost of living payments, low-income people will be £140 short of the amount needed to live and 6 per cent worse off in real terms than they were before the pandemic. The Trussell Trust and Joseph Rowntree Foundation have called for an “essentials guarantee” so low-income people can afford the basics.
Forget the high life. Even though we’re avoiding an official recession, the OBR is warning of a big drop in living standards. Once inflation is taken into account, living standards are set to fall by 5.7 per cent between 2022 and 2024. That is the largest two-year fall since records began in the mid-1950s.
Survival toolkit. If you are struggling to get by in the cost of living crisis, there is help out there. Check out our guide to all the support available to households – including how to apply for benefits, where to get help to pay your bills, debt advice and finding a food bank. We also have tips on saving money on your energy bills, your rights if you can’t afford them and finding a warm bank. You’ll also find lots of advice in our winter survival guide.
Meanwhile in the house of Rishi… While so many of us face increased electricity bills, our PM’s new private, heated swimming pool uses so much energy that the local electricity network had to be upgraded to meet its power demands. Great scoop from Jim Waterson at the Guardian.
Millionaires want to be taxed. Okay, so not all of the millionaires in the world want higher taxes – but these do! My colleague Greg spoke to the millionaires who are calling for the government to tax the rich and protect the poor.
Escape to the country. Rural poverty is a growing problem in the cost of living crisis, with rural communities having some of the highest energy costs in the UK. That’s why frontline workers and campaigners are calling for change and reforms to the system.
That’s a strike. As workers fight for better pay in the cost of living crisis, there are lots of strikes over the next few weeks. My colleague Evie has the lowdown here and you can get the latest updates straight to your inbox by signing up to her Working On It newsletter.
Pay up. Could you be eligible for the cost of living payments? Find out in our explainer here which has all the details about how much it is, the payment dates and how to report it if you think you could be missing a payment. My colleague Eliza also debunks the TikTok trend on the matter:
