The UK Chancellor of the Exchequer is due to announce the latest progress on his economic development plan on Wednesday. The government has pledged to promote economic growth, thereby raising wage levels and increasing employment opportunities, but economic development remains slow.
At that time, Chancellor Rachel Reeves will share the latest official forecasts and elaborate on how she will respond to the major challenges currently facing the country. These challenges also affect the daily lives of ordinary people.
The British Broadcasting Corporation (BBC), through its "Your Voice, Your BBC News" platform, has collected public sentiment about the coming months and their plans to address the challenges. Many people expressed concerns about people's livelihood issues such as healthcare, education, and transportation, as well as expectations for government policies.
Radhika Gupta, a medical student from Derry, Northern Ireland, believes that whatever measures the Chancellor takes on Wednesday, spending on healthcare or education should not be cut. She said that many doctors want to leave the UK because of low salaries and huge student loans. She hopes the government can increase investment in medical training and improve public transportation to alleviate the financial burden on students.
Dylan Caulkin, a teaching assistant, lives near Truro, Cornwall, with his parents. He is about to start a new job supporting people with learning disabilities. Although the hourly wage is only slightly above the minimum wage standard that will rise in April, it is better than his current job. He said that overtime opportunities will have a "huge impact" on his financial situation. He pays his parents £160 a month for rent and covers some of the food costs. He hopes the government can provide more help to young people like him and looks forward to living with his partner in the near future, but the high cost of living puts him under great pressure.
For Ellie Richardson and Billy Taylor, the direction of interest rates is crucial. They found their ideal house last year, but the deal was delayed, resulting in them having to pay an extra £2,500 in stamp duty. They hope mortgage rates will not rise. The couple has been shuttling between their parents' homes in Essex and working hard to save for a home. Their current combined income is about £80,000, and their monthly mortgage payment is about £1,200. If the purchase is delayed again, they may need to reapply for a mortgage. Ellie said that if the deal is completed later this year, mortgage rates may be lower.
Elspeth Edwards is concerned that the application conditions for welfare benefits will become more stringent. She is from Worcester and suffers from various conditions, including postural orthostatic tachycardia syndrome (PoTS). She said that if she loses government support, she will have to rely on her parents. Unable to complete hospital shifts, she will give up her current nursing course and plans to start studying astrophysics in the fall. She earns about £1,200 a month through student loans and disability benefits. Since her parents cannot support her financially, if her benefits are cut, she will have to give up her dream of studying astrophysics. She said her expenses are higher than the average student, spending a lot of money each month on rent and her cardiac support dog, Patch.
Entrepreneur Lincoln Smith believes consumer confidence has fallen to a 15-year low. He owns Custom Heat, a plumbing company based in Rugby. The rising cost of living has led his customers to reduce annual boiler maintenance and other services. In addition, corporate taxes will rise in April. He said this will lead to the company downsizing, stopping hiring apprentices, and even firing the office cleaner. To balance the books for the coming fiscal year, he has also taken a 20% pay cut himself. He admitted that even after the pay cut, his annual salary is still high, but it still means a change in lifestyle. With a monthly mortgage of £3,000, they are already at "break-even point". They have not booked a vacation this year and are considering moving to reduce their mortgage.
Malcolm Hindley, a retired window cleaner from Liverpool, said, "There doesn't seem to be any good news." He is a widower who lives with his daughter, who cares for him and her disabled daughter. He owns his own house, but struggles to make ends meet on a weekly state pension of £200 and an attendance allowance of about £80. He needs a car to go to the shops and see the doctor, and recently had a car accident that injured his neck. He fears the government will further cut benefits for the long-term sick and disabled. He said that losing the winter fuel allowance has made it difficult for him because he gets colder as he gets older. He is worried about what other benefits the government will cut. "This government seems to be attacking the poor. What else are they going to take from us?" He uses the remaining money to buy ice cream and candy for his grandchildren.