Broadly, the analysis shows that people will have a little bit less money in their pockets, with it’s few token giveaways largely offset by declining benefit coverage and inflation. Interest rates remain unlikely to rise in the near future, which is broadly good news for mortgage payers and borrowers, but interest-based incentives to save remain non-existent as the government seeks to inject as much non-invested cash back into the products market.
Great news for tenants in the abolition of tenancy fees, but it is worded as the government will ‘go into consultation in the New Year so many won’t be expecting much benefit from that next year, never mind this. Housing costs for those moving continue to rise above inflation in many areas – particularly where most work is available within walking distances or via easy access to public transport.
If you’re a car manufacturer without a profitable electric product, the changes to salary sacrifice schemes are likely to put a dent in your mid-range volume as they make some cars more expensive for the average user, particularly for diesels – the government is slowly signalling their death knell, as more cities move towards emissions-free zones and the announcement of investment into both electric charging and autonomous vehicle infrastructure does offer an opportunity for some skilled and sustainable jobs.