New research by TIME Investments, the specialist investment manager, reveals what UK consumers most want to see in the forthcoming Budget, due to be published on 3 March 2021.
After a torrid year when many have suffered financially due to the devastating impact COVID-19 has had on the economy, over half (54%) of those asked are most concerned about their own personal finances. They want the Chancellor’s Budget to provide measures which ensure the daily cost of living, such as fuel and food prices, do not rise (45%) and no change to the rate of VAT (9%).
There is a concern among some commentators that the Chancellor may use this Budget as an opportunity to balance the books with a tax grab on incomes. Almost one fifth (18%) said their key concern was around Income Tax and National Insurance, and they would like to see a freeze in the next Budget.
Only 17% of those asked said their priority for the Budget was continued support for UK businesses, who are struggling to survive after such a devastating year. With a generous package of business rate holidays and furlough payments over the last year it seems many consumers are now more concerned with the cost of their own living rather than supporting beleaguered UK businesses.
Just one tenth of consumers said they would like to see changes to the Inheritance Tax system to ensure that more family wealth can be passed on to younger generations who have been hit hard by the pandemic. Interestingly, those looking to pass on this wealth prioritisied this over younger generations looking to inherit, with 14% of those over 55 citing this as their top priority and just 8% of those aged 18-34.
Commenting on the findings, Sam Jermy, Business Development Director at TIME Investments, said: “It is clear that after a year where the economy has been hit extremely hard and we are living our personal and working lives in a very different way, people want a Budget that will provide a degree of certainty when it comes to personal finances as we adjust to the ‘new normal’. How easy it will be for the Chancellor to deliver this remains to be seen as he begins the long process of balancing the books.”
Research conducted by Consumer Intelligence among 1019 individuals, 19-21 February 2021Posted: 25/02/2021 Categories: Inheritance Tax, News, Press