So, ….. the budget! Come on admit it, who pays any attention to it? It was only a few weeks ago, but how time flies. But has anybody looked in to the content. The budget can (and often does) affect us all.
On a (slightly) serious note, the economy is looking …..ok!
Government borrowing is down (good), the government’s deficit is down (good), inflation is predicted to go down by 1% (also good). The growth estimate for the economy has been revised down from 2% to 1.5%, which is not as good.
Now, something which really is good for all of us! Minimum wages are up, and personal tax is down! What this means for everybody, and in particular for us as students, is that from April we will get a pay rise. Certainly no bad thing, and a real help for all of us on tight student budgets.
For the majority of students, (18 to 20 year olds), the rate from April 2018 will be £5.90 per hour. This will mean an additional 30p per hour from the present rate of £5.60. For 21 year olds, (in the 21 to 24 age bracket), the new rate will be £7.38 per hour (an increase of 33p from the present £7.05).
For anybody looking to save for something special, such as a hot summer holiday, then now is the time to start looking for part time work, or an increase in hours. This will help to ensure you maximise the benefits of these forthcoming increases. If you don’t already have a part time job, but intend looking, then there can be no better starting point than Ormskirk itself. Apart from it being a really great place, it’s close to the university, and obviously really convenient for all those already living in one of the McComb properties.
Remember, every little bit helps, whether it’s for that holiday, or if it’s simply to help you “keep your head above water” during your studies at Edge Hill.
A few other areas of good news, although probably for life after university
- If you’ve been mourning the loss of your railcard after turning 26, there is hope on the horizon. A new 26-30 app-only railcard is being trialled in the Greater Anglia area next month, with plans to roll it out further in spring.
- There’s a change to Personal Tax Allowance too – it’s rising to £11,850 at the same time – meaning you’ll only have to start paying tax on anything you earn above that, though you still have to pay national insurance.
- The higher threshold for stamp duty for first time buyers has been generating quite the buzz. As and when you intend to become a first-time house buyer, then as long as its worth under £300,000, you won’t have to pay any.
And now the bad news I’m afraid! The cost of smoking is, unsurprisingly, not coming down anytime soon. On the alcohol-front, the government will increase taxes on some cheap, high-strength alcohols but the tax on other types of alcohol stays the same.
I hope this news helps, but one thing is for sure, (as long as you don’t go berserk with the smoking and alcohol), you should have more money in your pocket from April. Enjoy!!
