As Featured in The Times Budget 2017 Coverage
Jasmine El-Gabban takes on the Budget
As a millennial, I felt the budget didn’t speak to me nor did it address my key concerns like access to affordable housing, job security and the cost of living. I am concerned by the increased forecast for inflation combined with a downward growth forecast for GDP, meaning inflation is outstripping growth. I can see that really impacting my standards of living in the future. Is this really rewarding my, and many young people’s, contribution to UK productivity Hammond continually called for throughout his statement?
We are the champions of challenger brands, and I think a large number of them will have mixed feelings about this Budget. On the one hand, they will welcome the reduction in corporation tax and that businesses rates concerns are being addresses. However, the reduction in dividend allowance and increase in NIC for the self-employed along with revised downward GDP forecasts will provide little confidence or business security.
Having recently come out of postgraduate education myself, I'm aware of the importance education has when future-proofing and driving the economy. I was encouraged by the riding of the skills gap through the introduction of T-Levels and funding to the STEM sector, therefore enabling the UK to be competitive post-Brexit and attractive to inward investment. We have never looked at the possibility of young people reaching their full potential through more technical qualifications. I know the academic route that I've taken tins't for everyone, but that doesn't mean young people can't succeed if they are not academically focused.
I welcome that women were addressed in this Budget, but whether this was just a reflection of the coincidence of falling on International Women's Day and if it actually lacks any real, meaningful substance for change remains to be seen. Other measures such as ring-fencing those services most used by women is essential. As Julie Cooper, MP for Burnley highlighted, in the May 2016 Commons debate on Government Support for Domestic Violence Refuges, 17% of spaces for women's refuges have been forced to close due to funding cuts and 46% run with no funding.
Reflection on Brexit
It was strange that Brexit wasn't mentioned. It was like the elephant in the room. Having voted remain it is concerning that there was no real economic direction in terms of strategy. This should have been mentioned to illustrate the future challenges that Britain will face in the coming years.
Published by: Peter in NEWS