‘The more you earn, the less you keep’: readers react to the budget
Summary
Readers in the UK described pressure from housing costs, rising bills and taxes after the government’s 2026 budget. A young London renter welcomed a new first-home scheme but said volatile wages make saving difficult, while a business owner earning £126,000 said higher costs leave him with little money at month’s end.Key Facts
- Louie, a 24-year-old chef in London, earns between £37,000 and £40,000 and shares a rented home with two friends.
- Louie said rent and bills now take about half his salary, and his landlord plans to raise the household’s rent by £200 a month in November.
- The government’s Your First Home scheme will let buyers purchase a new-build home with a 2.5% deposit, supported by an interest-free equity loan.
- Louie is taking an access course and plans to begin a physiotherapy degree next year before considering a home purchase.
- Greater Manchester business owner Graham Robinson said he earned £126,000 last year but has virtually nothing left in his bank account at the end of each month.
- Robinson said his mortgage payments rose from about £900 to £1,300 a month, while council tax, food, energy and other costs also increased.
- Robinson wanted the budget to provide more help with employment costs and said the employment allowance remains at £10,500.
- The article says the personal allowance is gradually withdrawn for income above £100,000 and reaches zero at £125,140, creating an effective 60% income tax rate on some earnings.
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