- Wednesday, 23 June 2010Chancellor George Osborne announced the emergency Budget yesterday (June 22nd) and pensioners and those on low incomes facing a
debt management plan have benefitted.
Consumers on low incomes will benefit from the income tax personal allowance hike from £6,475 to £7,475.
This means that 880,000 workers will no longer have to pay any income tax, money which could be put towards a
debt management plan, and basic rate taxpayers will save £170 a year.
From April, the basic state pension will be relinked with earnings and will increase each year by the rate of inflation or 2.5 per cent.
Michelle Mitchell, director of Age UK, told the Guardian: "We are delighted the government is introducing a 'triple guarantee' to raise the basic state pension from April, and also a matching increase for pension credit which will help the poorest in later life."
The increase in state pensions should please industry experts such as Dr Ros Altmann who was urging the government to reform pensions to avoid a financial crisis for the older generation.
There will also be no new increases on alcohol, tobacco or fuel prices.
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