Money worries for those under pressure from Budget?

Individuals may end up struggling with their personal income because of the Budget, one expert has claimed.

Mark Wallace, campaign director for the…

Individuals may end up struggling with their personal income because of the Budget, one expert has claimed.

Mark Wallace, campaign director for the TaxPayers’ Alliance, noted it will be the poorest section of society that will be affected the most by an increase in VAT, which could see them need debt consolidation help.

The specialist added he hopes the government will be able to reverse this once it has identified other areas it will be able to be cut.

He also wants to see the tax threshold raised to £10,000 – a coalition promise – as soon as possible.

“Hopefully they will make that a priority and hopefully they will be able to afford it. We think there are plenty of extra spending cuts they could make,” Mr Wallace remarked.

His comments come after George Osborne delivered his first Budget as chancellor, with the headline measure being the increase of VAT from 17.5 per cent to 20 per cent.

Posted by Rory Mallon

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