A pensioner has said Rachel Reeves’s Budget is a “mess” and that however the Chancellor “dressed it up – we’re all paying more”. Barry White, 82, told SWNS that, although freezing the tax threshold is “wonderful for us pensioners“, Brits are “paying more tax”. He added Ms Reeves “totally skirted round the question” of how they would reduce the benefits bill overall. The Government earlier announced that it will maintain income tax thresholds and the equivalent national insurance contribution thresholds for employees and self-employed individuals at their current levels for a further three years from April 2028 to April 2031, and inheritance tax thresholds for a further year to April 2031.
So-called “fiscal drag” will mean that more people will end up paying more tax. The Treasury expects to raise around £7.6billion as a result in 2029-30. Meanwhile, Ms Reeves said that the annual adult cash ISA limit will be slashed to £12,000 from April 2027. Only over-65s will retain the full £20,000 annual allowance. Mr White, a retired chartered legal executive from Dorchester, Dorset, said of the Budget: “I think it was a mess.
“However she dressed it up – we’re all paying more. Freezing tax threshold – wonderful for us pensioners.
“But what’s going to happen with threshold – get more money but we’re paying more tax. It was an absolute shambles. I don’t see any benefit to most people – however she has dressed it up.”
Barry and his wife Chrissy, 82, a retired teacher, own a second home Brixham, Devon, and saw their one bed flat hit with a council tax increase earlier this year.
The grandad of five said: “We’ve owned our second home 13 years. We are two hours drive away, go down regularly, because of that, we are down there regularly and spend money in the town. But now one bed flat is almost the same C tax as a four bed house in Dorset. It’s ludicrous.”
Barry had carried on working part-time in a business networking group with an accountant friend but is finally retiring this year.
He said: “I have been earning by carrying on.
“Our second home – there is no relief there. We don’t let the property. You worked hard, saved and then you do this and then you get stuffed. We’re in a vicious taxation cycle, whether retired or working.”
Barry said the focus on young apprentices is “great” but he doesn’t agree with the two child benefit cap being scrapped.
He said: “There are people deservedly are entitled to benefits. If you’re talking about the family cap – people will find themselves in social housing, living on benefits and never put anything in.
“It’s absolute nonsense – it’s not been addressed. It’s a political tightrope.”
