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Budget 2014: Support for savers means little to family who can’t save

17:38 19 March 2014

Budget family case study - Dan and Naomi Turrell and their children Jake, 8, Daisy, 6, and Ben, 2, at home in Wilby

Budget family case study - Dan and Naomi Turrell and their children Jake, 8, Daisy, 6, and Ben, 2, at home in Wilby

Archant

This year’s Budget announcement provoked mixed reaction in the Turrell household.

Dan and Naomi live in a privately rented home in Wilby, near Stradbroke, with their three children Jake, Daisy and Ben.

George Osborne’s Budget for “makers, doers and savers” raised little cheer for the couple, who struggle to put any cash aside.

An increase in personal tax allowance offered some comfort, but the cost of living still remains prohibitive.

Childcare subsidy and a fuel duty cap came as welcome news, but the Government’s Help to Buy scheme remains out of reach despite the Chancellor extending the scheme’s equity loan element to 2020.

Mrs Turrell, head receptionist at a local hotel, said: “Fuel duty not going up will make a massive difference to us, but not much seems to be happening in terms of the cost of living. The Government can’t control everything, but we find that food prices are increasing all the time.

“We would love to live in our own house, but we’re unable to even consider it. We see nothing of our salary. My husband’s wages are our bread and butter, while two-thirds of my monthly pay goes on rent. When all of the children are at school, the Help to Buy scheme may be more within reach, but even a 5% deposit comes with its own concerns.”

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