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Seven ways the Government is trying to make us richer - and if they will work
The Chancellor and her allies are adamant that the Government has an armoury of policy ideas which can boost the economy

- 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.
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
on: Sun, Dec 01st 2024
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