What does the Budget mean for me?

On the 3rd of March the Chancellor, Rishi Sunak, made the Budget announcements for the next year.

This year, with so many British people relying on long-term financial support from the Government, such as the furlough scheme, we’ve all got a keen interest in what was in the Budget, beyond whether there’s about to be a rise in fuel duty (no), or on cigarette (yes, 2% plus inflation) and alcohol duties (no). So here is Financial Wellness Group’s round-up of what the Budget could mean for you.

If you’re employed

One very welcome announcement was the extension of furlough until the end of September. If you’re currently furloughed or you think your employer might put you on furlough, read our updated blog, Coronavirus Job Retention Scheme: furlough extended again.

If you’re being made redundant or you’re worried that you might be, read our redundancy guide for tips on your employment rights, your finances and your job hunt.

Unable to work – what to do if you or someone you live with is ill

As before, you may be able to get Statutory Sick Pay (SSP) from your employer for every day of work you miss because of coronavirus, instead of waiting for the fourth day of sickness. And your employer may be able to claim some of this back from the government. The government has not yet given a date for these SSP coronavirus provisions to end.

If you’re off work for 7 or more days, your employer may ask you to provide proof that you are self-isolating because of coronavirus.

Check if you’re eligible for SSP at gov.uk. If you’re not eligible, you may be able to get Employment and Support Allowance (ESA).

To top up your income while you’re receiving sick pay or ESA, you may be able to get Universal Credit or Pension Credit at the same time – see below for more about Universal Credit.

If you receive benefits

The weekly uplift to Universal Credit has been extended for six months, and there are a few other benefit changes too – read more on our blog, Extra Universal Credit & More Coronavirus Financial Support. There’s some information about Test and Trace Support Payments in there too.

Self-employed – what to do if you’re getting less or no work

The Self-Employed Income Support Scheme (SEISS) is to be extended until September: see our Self-Employed Income Support Scheme Update blog for more.

Help with your mortgage

The mortgage payment holiday scheme has been extended a few times – you can find the most up-to-date details in our blog Coronavirus and your mortgage.

Help with your rent

The government has extended emergency legislation in England and Wales to try to protect people who rent their homes from being evicted during the coronavirus crisis – find out more in our Coronavirus and your rent blog.

If you need more help

If you’re struggling financially and you’re one of our customers on a Debt Management Plan, IVA, Trust Deed or DAS, let us know as soon as you can, so we can make sure you’re not paying more than you can afford into your debt solution. You can find details on how to contact us on our website.