Struggling to work out whether you’ll be better or worse off after today’s emergency budget?
Let’s face it, the chances are you’ll be worse off, and to find out by how much (even the Queen’s income has been frozen), use the BBC’s budget calculator.
It won’t be 100% accurate, as the tax system is too complex to be fully represented in a simple online calculator, and sadly it doesn’t take into account the rise in VAT next year (estimated to cost the average household £425 per year, according to Kelkoo), but it should give you an idea on where you’re losing out, from the following areas:
- Income tax
- National insurance
- Child benefits
- Tax credits
- State pension
If you’re interested in learning more about the data behind the budget, The Guardian looks at the key datasets.
photo credit: _M-j-H_
As an older pensioner can you please explain why the phrase ” Basic State Pension” is being ignored by most commentators . My State Pension is made up of the Basic State pension plus serps and an even early payment into the fund. Isn’t Osborne pulling the same trick as the Labour party and only increasing a portion of the State Pension, so that the 2.5% gtee is worth say 1.25% which after tax will leave about a 1% increase overall??