It's also going to be very bad if you're self employed. I've been worried about this for years. You will be expected to earn at least the minimum wage- profit- for every hour you work, and that amount will be removed from your UC- so, including rent. However, if you earn more than a certain amount per month, they will dock your UC more.
Additionally, you will be required to input your earnings online monthly, rather than annually, so will have no opportunity to even it out over the course of the year, as now.
This will devastate anybody trying to start their own small business, where typically you don't make much profit in the first 2-3 years.
I'm really worrying because my profits have been inching up towards the threshold for the last couple of years, but now I'm having another baby, which is really going to set me back, business-wise. My huge fear is that I'm going to be forced to give up my business, and end up unemployed and frustrated, because I won't be able to reach the "minimum income floor" in time
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There's a petition to sign here:www.change.org/p/the-uk-government-please-abandon-your-plans-for-a-minimum-income-floor-for-self-employed-single-parents?
Obviously, it isn't only going to affect single parents; it will affect anybody trying to start a small business on a shoestring. The Tory pretence of being "pro-business" makes me sick; what they mean is that they are pro- enormous corporations, who don't want the competition from the small fry
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