What Brits want from the Autumn Statement
Our customers tell us what they're hoping to hear
Tomorrow sees Chancellor Phillip Hammond’s first Autumn Statement to the nation, and it appears that many of us could do with some positive news. According to research* by ClearScore, half of Brits say their financial position has not improved over the last year, and only 41% are confident that the Chancellor will introduce policies to improve their finances.
The Chancellor makes two economic statements a year. The first is the Budget, in Spring, and the second is the Autumn Statement. These statements tell MPs about the government's taxation and spending plans.
When we asked our customers what they’d like to see and hear from the government, the requests at the top of the list included:
1. Increase personal allowance (45%)
2. Reduce VAT (42%)
3. Increase the state pension (41%)
4. Reduce taxes for people of a similar group (35%)
5. Increase the minimum wage (34%)
Our research showed a generational divide, though, which makes it difficult for the Chancellor to appease everyone. Naturally, 68% of over 55s would like to see him increase the state pension, compared to just 20% of 18-24 year olds. On the other hand, when it comes to increasing the minimum wage, 18-24 year olds would vote in favour (56%), whilst only 23% of over 55s rank this as a priority.
Justin Basini, CEO and co-founder of ClearScore, commented, "The economic outlook is looking gloomy and the government has little room to help those individuals who feel caught in the middle; just managing. Any help the Chancellor feels he can give either through income tax or VAT will be gratefully received by those who work hard to manage their finances everyday."
Here’s hoping that at least some of us have something to cheer tomorrow!
*Based on research conducted by 3GEM on the behalf of ClearScore surveying a nationally representative sample of 2000 18-55+ year olds between 17.11.16 and 21.11.16.