to ask how you will be affected by the budget announcements?

[manicinsomniac]

Sorry if there's another thread about this, I can only see lots of speculative ones.

Now that it's announced ... I admit I'm struggling to get my head around it. I don't think it's as bad as I thought? I don't think it can be that good though? I don't think there's a single thing in it that affects me. I'm not sure about any of that though because I find it all quite confusing!

So, ordinary people from ordinary families/households - how are you going to be affected, if at all?

5madthings, it's the combination of the lowering of the threshold and the increase of the withdrawal rate from 41% to 48%. It means that any family that receives child tax credit will be worse of by about £2k (unless they already get less than that, in which case they will stop receiving it altogether).

2.5K per year worse off.

Single parent working 36 hours per week - thought I was one of those 'deserving' poor types but obviously not!

I'm already paying tax on the pittance maintenance I get from my XH so hooray!

Hooray for the Tories and all who voted for them.

Bbc calculator makes me 1100 worse off the independent one makes me just over2000 a year worse off. Also seems to be the case that the more you earn the worse off you are in my situation. Can't figure it out.

Single working parent, I will be £1300 a year worse off.

Another household with an extra £256 from PA rate increase. Which is ridiculous. But I'm public sector so will be shafted some more on pay. Luckily DH works in private sector or else we'd have been screwed the past 5 years as it is. I feel as sick now as I did on the morning of the election- who voted for this? And how many of them figured the welfare cuts would hit them? The workers? And the national living wage? It's just bad economics. Their own estimates show 60,000 people will be priced out of work and made unemployed by this.

Thankyou lougle.

we will lose almost £2000 tax credits. This will cripple us

The disabled will not be shafted...
I'm 45 quid a month worse off because carer's allowance puts us over the tax credit limit.

When do these new tax credit amounts come into force? It is from the next renewal or will the money I receive change from next week? Confused....

£1500 worse off according to the BBC calculator

3400K worse off. Great! Luckily am retraining and will be working soon and able to make up that. How crap though.

Friend is lone parent on shit pay and will loose 1200! Wtf!

Majority of people on tax credits are loosing far more than they get an increase in wages. People over 20-25K unlikely to get it now.

Actually, unusually for a conservative government, those who earn the most have been hardest hit. With the changes to pension allowance and to dividend taxation we will be thousands worse off. Not expecting sympathy because I'm a high earner, but it's interesting.

Oh fairy :(
I'm so sorry for all those who will be struggling now x

We lose a chunk on a change to some increment of business taxation, but it was a crazy rule before and it was the right change to make.

May lose some tax relief if we buy a BTL, but I don't have a problem with that.

Pleased to see the start of some controls to the benefits bill and a start to the living wage. It's crazy that people in full time employment get/ need hand outs.

on min wage here

we will be £1463 worse off

great.

From April 2016 I think fairy.

Dawnadonna someone said earlier that carers allowance wouldn't be counted against the £3800 limit if you were under the £16,000 cut off? There was a link somewhere.

We get some child tax credit so I am sure we will lose out,no childcare amount or working tax credit though. Youngest starts school in sept, so time to job hunt, though with ds2 having asc, and other health issues and only going to school part time I am not sure what I could do.

It just seems like really bad economics to me. Give a low income family approx £2k pa, and they will most probably spend all, or nearly all, of it. So the money goes back into the economy. The money they're giving to rich people in the form of tax breaks is more likely to be stashed away.

Do they want the economy to grow? Or do they just really want to screw working class people?

jellybeans, that's shocking. How dare they.

The bastards are using austerity to push through ideological changes in society. Doesn't matter if more children are pushed into poverty because they are just gonna redefine it.

and we both work, dont drink or smoke or go out.

I think they are taking care of their voters.

Single working parent here and I too will be £1300 worse off a year. That's on top of having to reduce my hours and pay band at work to keep a job due to redundancies this month.

£2,000 worse off. Double whammy of wage freeze for public sector and loss of tc I already work 2 jobs, looks like I'll have to look for a 3rd. Sadly I'm not at all surprised.

can I ask anyone who will be better off, why that is?

So the less you earn the more you lose.

According to calculation I will be £29.50 a year better off
The only element that applies to me us the increased personal allowance as although I am single parent - they are 22 and 23 one is on minimum wage internship, other is in low ish paid job
I'm the main bill patet