Richard and Judy Thomas
Richard occupation: Construction project manager
Judy occupation: Freelance Home economist
The couple also run a deli in the Guildhall market, Bath
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Collectively £756 worse off (based on income and NIC)
Judy: “As our business is a Deli we won’t be directly affected by the rise in VAT because food is exempt, however it will mean less money in people’s pocket and less spending power. We will see a slight improvement in terms of employing people because the National Insurance threshold has gone up, but this will be nominal as we have few staff.”
Richard says: “My work in the property business has been hit by the economic slow down- long-term job security is more of a concern than it was perhaps five or ten years ago. However, George Osborne said there would be no further cuts in capital spending which is better than I imagined. I feared that public sector investment in construction projects would be put on hold, which would have an impact on the property market in the South West. However, I don’t believe the Budget has done much to kick start the property market, which is still depressed by a lack of lending and fears of a double dip recession.
From a personal point of view I am pleased that public sector pay, a huge part of the UK’s expenditure, will be frozen- it’s long overdue. Workers in the private sector have suffered for a long time now, particularly with regards to pensions with the closing of final salary schemes. Its time that public sector workers took their share of the hit, too.”
Judy: “On balance we don’t feel much worse off than we did 24 hours ago but the Budget won’t have had a big positive impact on us and our business. Richard will have to work a year longer before he can retire and we will buy fewer luxury goods, however, at least we can console ourselves with a cider- now the duty won’t be rising.”