Rachel Reeves has Brits living in fear of budget – 1 unexpected bill from disaster | Personal Finance | Finance
Britons fear for their finances ahead of Rachel Reeves’ Budget – with a third of UK adults worrying they will be “significantly worse off”. Just days ago the chancellor’s pre-budget speech hinted at manifesto-busting income tax rises heading our way, following last year’s already controversial National Insurance employers’ hike`.
Now a poll of 2,000 Brits exclusively shared with the Express, by all-in-one banking app thinkmoney, has found Brits are chewing their nails ahead of the crucial budget. Over a third (34 percent) are worried “they’d be significantly worse off”, with 30 percent “fed up as it looks like bad news” and 22 percent generally “angry at Labour’s priorities”.
However, a further 22 percent said they hoped the budget would ease the current cost-of-living crisis – and 15 percent are even cautiously optimistic.
While 17 percent said they were interested in budget news and were following developments closely, 9 percent were totally indifferent and another 15 percent said they felt confused about it all.
Thinkmoney consumer expert Vix Leyton said: “After years of financial firefighting, people are absolutely at their limit, and it’s showing.
“There’s very little trust left that Westminster can deliver anything that will make day-to-day life easier, so it’s no surprise that so many are bracing for bad news before the Chancellor even stands up.
“When you’ve been living in crisis mode for this long, optimism starts to feel like a luxury.
“On the one hand, you’ve got some genuine moves – raising minimum wage, more support for low-income families, steps towards tackling the poverty premium.
“On the other, the scale and speed of change hasn’t matched the scale of the problem.
“That gap between promise and impact is exactly what the data is showing: people are braced for bad news because they’ve seen headlines before, but it hasn’t manifested as real-world relief.”
Thinkmoney also ran research of those on low-income families specifically around the ISA situation, with the government rumoured to be considering lowering the tax-free savings amount from £20,000 a year to £10,000.
A third said ISAs are a good idea but not possible for them right now – yet 15 percent said ISAs “feel like something for wealthier people”
Leyton added: “At the same time, the government seems to be chipping away at the few savings tools that do work hard.
“The Lifetime ISA has come under attack this year, despite being one of the only clear, practical routes to help first-time buyers get on the ladder.
“And there’s speculation about overhauling the Cash ISA, a move that risks discouraging people from saving altogether.
“If this simple, accessible option disappears, many won’t graduate to stocks and shares, they’ll revert back to easy access and may deprioritise it altogether without the incentive.
“That sense of exclusion, both economic and psychological, is growing, and it’s driving people to disengage from money altogether.
“The decision to tighten access to winter fuel payments hit a similar nerve, it’s yet another example of support being pulled back just when people need it most. For many, that payment was the difference between scraping by and falling behind.
“That said, the fact that one in five are still holding out hope for good news says a lot about the British spirit.
“We’re tired, yes, but we’re not completely out of hope yet. People just want to see some proof that things might finally start getting better, or at least stop getting worse.”
PERCENTAGE OF BRITS THAT SAY THEY’RE ONE UNEXPECTED BILL FROM DISASTER:
|
London |
61% |
|
Leeds |
55% |
|
Newcastle |
53% |
|
Plymouth |
52% |
|
Belfast |
52% |
|
Glasgow |
49% |
|
Liverpool |
49% |
|
Manchester |
49% |
|
Birmingham |
48% |
|
Nottingham |
46% |









