What does budget cuts mean to me

Budget overview. Women Jobs Households. This will support more than 10 million low- and middle-income earners. Jobs Regional. Jobs Business Households. Jobs Households. The Conservative election manifesto promised to review it, so now could be the time. One suggestion is to reduce the premium on sparkling wine to the same level as still wine, which could knock 83p off a bottle of Champagne or Prosecco.

There are rumours that the current Capital Gains Tax rates may be tinkered with. The tax is paid when people sell assets such as shares or a second home.

A report by the Office of Tax Simplification, published in November , recommended that CGT rates should be increased to bring them into line with income tax.

There are reports that graduates may be asked to start paying back student loans earlier. In his March Budget, Mr Sunak announced that the National Living Wage what the governments call the minimum wage would increase for workers over the age of Since then, the government has come under pressure to help employees further - especially as younger workers have been some of the worst hit by the economic downturn.

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Full Terms and Conditions apply to all Subscriptions. Or, if you are already a subscriber Sign in. Other options. Toggle navigation. Oct 7, Personal Income Tax Cuts The main measure is to bring forward phase 2 of tax cuts that were scheduled for