The Budget: How it will affect the family
Here is a quick summary of the Budget measures/aims that directly relate to the family:
- Families earning more than £40,000 will have their tax credits reduced.
- Benefits, tax credits and public service pensions will increase in line with consumer prices rather than the retail price index.
- Rise in the state pension age to 66 will be accelerated.
- Child benefit will be frozen for the next three years.
- Lone parents expected to look for work when their first child goes to school.
- Housing benefit will be limited to a maximum of £400 per week for a four-bedroom house.
- Two year council tax freeze.
- The child element of child tax credit will rise by £150 above inflation next year.
- Sure start maternity grant will go to the first child only.