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- UK unveils cost-of-living budget as nationwide protests rage
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On Wednesday, the British finance minister will present a cost-of-living budget as the government tries to control public expenditure in the face of a new round of pay strikes.
In the midst of the newest day of widespread walkouts by teachers, junior doctors, civil employees, BBC journalists, and drivers on London's underground Tube railway, Chancellor of the Exchequer Jeremy Hunt will present his tax and spending plan to parliament at 12:30 GMT.
Workers in the public and private sectors have been on strike since last year when wages were drastically reduced by skyrocketing inflation.
Prior to the budget, Hunt made note of increased childcare money and ideas to entice Brits over 50 to return to the workforce.
The government is also anticipated to announce measures to lure jobless people back into the workforce.
In part due to a shortage of EU workers following Brexit and a record number of people classified as long-term sick, it is seeking to fill 1.1 million staff positions.
According to reports, Hunt may permit employees to contribute more tax-free funds to their private retirement.
“Reports of senior doctors retiring early due to the impact of pension tax allowances… have undoubtedly been of particular concern to the government given the pressures already on the health system following the pandemic,” noted Tom Selby, head of retirement policy at AJ Bell.
“However, both the lifetime and annual allowance apply across all types of private pensions and so this announcement would increase the retirement savings limits for millions of Brits.”
In nearby France, the Senate at the weekend voted to approve a deeply unpopular reform to the country’s pension system.
The most notable change is a rise in the retirement age from 62 to 64, which many believe is unfair to those who began their careers early.
The 66-year-old retirement age in Britain is also expected to rise before the end of the decade, prolonging the time required to receive a state income. Private benefits are accessible at younger ages.
Pristine Network
- 2023-03-15 06:08:17
