Summary
The UK government plans to remove the two-child benefit cap, allowing families with three or more children to get more financial support. The Budget announcement also includes a freeze on income tax thresholds until 2031, meaning more people will pay higher taxes as incomes rise. Additional measures include plans to tax electric vehicle road use and increased state pensions.
Key Facts
- The two-child benefit limit will be removed, providing more financial support to families on universal credit.
- Income tax thresholds will be frozen until April 2031, leading more people to pay higher tax rates.
- From 2028, electric vehicle (EV) and hybrid car drivers will pay road use taxes, with a charge of 3 pence per mile for EVs.
- The state pension will rise by 4.8% in April, increasing to £241.30 a week for recent pensioners.
- Small and medium-sized businesses (SMEs) will have access to free apprenticeship training for those under 25.
- Many individuals have expressed concerns about increased taxes and costs associated with the Budget announcements.
