Displaying items by tag: budget

Wages are rising and unemployment rates are at their lowest for more than 40 years, so these should be boom times for young people. However, rising rents, bills and living expenses mean that one in five aged 25-34 will spend over 60% of their pay on payday. A further 3% find themselves in the red. Meanwhile, house prices in England have risen by 173% over the last 20 years, and around a quarter of 20-34-year-olds still live with their parents - with slim chances of owning a home any time soon. Those living in rented accommodation find high rents eating up income, making it impossible to save for a deposit on a home. Pray for Philip Hammond as he prepares next week’s budget. May the undetonated timebomb of Brexit have no adverse influence on his proposals, and may they give opportunities for economic growth and prosperity for young and old alike in the nation’s future.

Nothing reveals a government’s values and priorities like a budget. Ekklesia suggests, ‘The Government’s heart is with the wealthy, healthy, strong, and secure. The poor, sick, powerless or insecure seem to be mainly regarded as a political problem, to be solved as cheaply as possible as this budget continued the seven-year pattern of prioritising deficit reduction over the welfare of Britain’s people.’ Austerity continues, although some view it as economically unsound, shrinking the economy as spending power is systematically reduced, and causing the most sustained fall in living standards for over sixty years. If the nation continues to overspend, it will cost future generations dear. Others suggest that the Chancellor could, if he chose, direct spending to the people and the sectors most in need, prioritise socially beneficial activity, and allow austerity to fall more heavily on areas less vital to our wellbeing.

Plans are being put in place to impose a budget for regional government departments in Northern Ireland, the secretary of state has revealed. But James Brokenshire stressed this did not mean a return to direct rule from London over the province. The Northern Ireland secretary vowed on 1 November that he would shelve his budget preparations if the two main parties in the Stormont assembly, (Sinn Féin and the Democratic Unionists) quickly secured a deal to restore power-sharing to Belfast. However, Sinn Féin said that imposing a budget from Westminster was tantamount to direct rule and would derail the negotiations between the two parties. In return, Brokenshire emphasised that if he failed to act in the next few weeks, the regional government ministries in Belfast would simply run out of money. So he is planning to enable a budget bill to be introduced at Westminster when appropriate, to protect the delivery of Northern Ireland’s public services.

On Wednesday Philip Hammond delivered his first Budget as Chancellor. He said that the Treasury's priority was ‘making sure that our economy is resilient and that we’ve got reserves in the tank’ as the Government prepares to begin Brexit negotiations. Some of the key points were: - extra money for new free schools in England, which could include grammar schools - significant spending on social care - £5m fund to mark next year's centenary of women first getting the vote - cash to alleviate the impact of increased business rates on firms - £500m support for electric vehicles, robotics and artificial intelligence. The decision which has attracted the most criticism is an increase in national insurance contributions by self-employed people. The debate goes on, and the media discussions will help Christians to digest and intercede wisely in the coming days. In the midst of change and challenge, we can pray for the United Kingdom to step into a new level of governing that is led by God’s Holy Spirit at every level.