N@N

Seven ways the Government is trying to make us richer - and if they will work

The article from MSN discusses seven initiatives by the UK government aimed at enhancing the financial well-being of its citizens. These include:

Increasing the National Living Wage - The government plans to raise the minimum wage to £11.44 per hour, which could significantly boost the income of low-paid workers, though it might also increase business costs.

Reducing National Insurance Contributions - A cut in National Insurance from 12% to 10% for employees and from 9% to 8% for the self-employed, aiming to leave more money in people's pockets, although this might not offset the recent freezes in tax thresholds.

Expanding Free Childcare - Offering 30 hours of free childcare for children from nine months old, potentially reducing childcare costs for working parents, but the rollout has been criticized for delays and insufficient funding.

Pension Triple Lock - Ensuring state pensions rise by the highest of inflation, earnings, or 2.5%, which helps pensioners but increases government expenditure.

Energy Price Cap - The government has set a cap on energy prices to protect consumers from high costs, though this is a temporary measure with potential long-term implications for energy market stability.

Housing Initiatives - Efforts to increase housing supply through planning reforms and the Renters' Reform Bill, which aims to provide more security for renters, though the effectiveness depends on implementation and market response.

Support for Small Businesses - Including business rates relief and grants, intended to stimulate economic growth, but the benefits might be unevenly distributed across different sectors.

The article questions the effectiveness of these measures, suggesting that while they might provide short-term relief, their long-term impact on wealth creation and economic stability remains uncertain due to various economic pressures and policy implementation challenges.

Read the Full MSN Article at:
[ https://www.msn.com/en-gb/politics/government/seven-ways-the-government-is-trying-to-make-us-richer-and-if-they-will-work/ar-AA1v7q5m ]