The news is full of the Government helping pay wages to those unable to work due to the current Coronavirus pandemic. If I understand correctly, they intend to pay 80% of salaries up to £2,500 per month. The Self Employed are now included in this helping hand, non-repayable grants based on the past three years average earnings. Anyone having an average income of over £50,000 will not benefit. Payment will be made in July backdated to March, but whether this is to be a single one off is not clear.
Money is lost on me these days. I can’t get my head round it, what people are earning, what people are spending, and seriously wonder how Hubby and I have managed all these years and are still expected to do so.
When I was working, my last job paid £17,000 pa after five years and a promotion, which was still £6K a year less than what I was earning when made redundant in 2001. My works pensions was one of the last based on final salary, which was 10% of my basic pay per annum. That, and two pathetic annuities totalling £150 A YEAR is my total income, which is less than four thousand pounds a year, and that includes a top up of £50 pm to ‘tide me over’ until my State Pension kicks in and will then be deducted. I could not survive on that on my own.
The Chancellor’s Budget was give, give, give. But not once did he mention how he was going to get the revenue to fund these windfalls/bonuses/increases/grants/money pots, whatever you’d like to call them.
Well, the shit has hit the fan, and to be honest, ducking won’t help and I’m worried as to where that will leave us, and tens of thousands of people like us, when this crisis is over……. if they survive it.
No doubt a lot of people paid for their panic buying sprees on their credit card. This has led to shortages of the necessities nationwide which we are all paying for, and now unable to go to work, those stockpilers will not be able to pay off their debts, or be able to give them priority due to their ‘current lifestyle’. There are help packages planned for mortgage payers and businesses.
Now add another 500,000 claimants for Universal Credit by those better off than most anyway, and an already draining benefits system will be hammered.
Austerity measures will be reintroduced, if they were ever removed in the first place. Hubby already lost 60% of his disability allowance last October if you recall.
A headline, which has now miraculously disappeared off the internet, suggested ideas of where our Chancellor might get his funding from. The biggest contender was by increasing taxes.
By increasing income tax, that won’t affect everyone as the Tories’ proud boast is how many people/families they have taken out of the tax bracket. It was noted the Chancellor did not put up personal allowances (income before taxation) this year.
From a monetary point of view, taxation is the logical approach as by raising INDIRECT taxes, like our utility bills, heating, communication, food, fuel and everything everyone has to pay for, he will rake it in.
Putting VAT up, or applying it to everything at the same rate will also bring in more revenue and the Heat or Eat existence will rocket.
State Pensions……………….. already I have had to wait an extra 6 years to get mine, and Hubby an extra year. Who is to say they will not move the goalposts again and extend the State Pension age for our age group?
Remember Robert Maxwell and what was discovered after his death in November 1991?
Currently, according to the government’s own website, we are already in severe poverty.
We manage. How, I have no idea, but we do.
Should we have to reply on our works pensions only, this will plummet us off the radar beyond abject poverty as our joint income will be below the minimum wage for an individual. We get no help as I was
a fool prudent and saved for a rainy day. It was supposed to be MY rainy day, not the bloody government’s, but even my meager savings may be in jeopardy, even though they are nowhere near the threshold for the FSCS’s promise of protection!
Which brings us to the banking system, and the proposal to end free banking.
Already it has drastically changed since I left the banking world and I am so very out of touch. Depositing cheques on your phone ap? No clearing houses? Internet banking?
More automated transactions/enquiries and few floor staff.
There are so many ways we can get clobbered on an already minimal existence. I am good with money………. scrap that, I’m a F***ing brilliant money manager…………… but I can do bugger all if it ain’t coming in in the first place.