The lead-up to the Budget announcement has sparked a flurry of speculation regarding potential tax policies and spending decisions. Chancellor Rachel Reeves has signaled that both tax hikes and spending cuts are under consideration. In anticipation of her statement on Wednesday, BBC News has reached out to individuals from diverse income backgrounds to gather their expectations and desires for the Budget. For those wanting their concerns addressed, input can be sent via the Your Voice platform.
Wesley Thorne, 52, and his wife Toni reside near Bristol with their two daughters. They aspire to upgrade to a larger home but cite the addition of £15,000 to £20,000 in stamp duty as a significant hurdle. Consequently, they are advocating for its removal in the forthcoming Budget. In England and Northern Ireland, stamp duty is levied on property or land purchases exceeding a set value. Wesley perceives this as "an immoral tax just on having a home" and hopes the Chancellor will either abolish the duty or restrict it to high-value properties. The Thornes operate an online sweet shop and a market stall, and are part of the Federation of Small Businesses. Their income approximates £60,000 annually but is subject to fluctuation. Wesley underscores severe cost pressures, noting soaring sugar and chocolate prices, wage regulations, and increased business rates as significant challenges. Currently, businesses must register for VAT if their taxable turnover exceeds £90,000, a threshold Wesley believes should be raised.
Liam Davidson, a third-year university student in Aberdeen, earns £22,000 between his student loan and part-time gym work. After essential expenses, his discretionary income is limited to £200-£250, a situation exacerbated by escalating food prices. "Last month I was down to maybe about £50 for the month and there was a week left," he states. While under-22s in Scotland already benefit from free bus travel, Liam wishes to see this extended to students of all ages across the UK. The government, however, has previously deemed a trial of free travel for under-22s in England "unaffordable."
Single mother Fatima Tehan Jalloh, who earns £25,000, resides in London and works as an apprentice construction site supervisor. She manages to stay afloat amidst rising costs, including £600 monthly nursery fees. Fatima expresses willingness to pay higher taxes for improvements to schools and social housing, stating, "I would definitely be happy to pay more if I know it was going into schools and social housing would be on the increase."
Steve Williams, an IT contractor, and his wife, a counsellor, earn a total of £150,000 and drive electric vehicles (EV). Steve supports the idea of an EV tax, arguing, "I use the roads, so I should pay for the upkeep of them at the end of the day." He suggests that petrol vehicles should also be taxed per mile, as applying it solely to EVs seems inequitable.
In Bourne, Lincolnshire, Becki Oliver and her husband Tim, who have a combined income of £67,000, are parents to two young children. Becki, a PA at an estate agency, voices her concerns about the rising cost of living and her wish for increased NHS spending. "We can't go out for meals, we can't treat t'" she mentions, indicating the financial strains they face as a family.