abrdn Financial Fairness Trust responds to the Budget 2024

06 March 2024

“The Chancellor’s announcement that the threshold for child benefit withdrawal is to be raised will be a welcome relief for a number of middle income parents. Our recent analysis showed many middle income families are struggling. The freezing of the threshold had already led to a doubling in the number of families who were affected and was set to rise even further.

“However, support for the middle should not come at the expense of those at the bottom. Today’s Budget provided very little support for those at the margins. The Household Support Fund was extended but just for six months. The impact of the 2p cut in National Insurance will be least felt by those on the lowest incomes. Small gains for people on low-to-middle incomes are likely to be overshadowed by the deterioration in our public services, which continue to be under funded.”