How the Spring Budget update could impact you

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Following the Government’s Spring Statement today, here is some information about how we can help our customers who might be worried about the rising cost of living.

Despite Chancellor Rishi Sunak recognising the importance of fairness in meeting the cost-of-living crisis, we understand the impact that costs will have on those with the lowest incomes. Our friendly Tenancy Sustainment team are available to help all GCH residents with budgeting and access to support and are here to assist during this period where you might see your income impacted.

All customers can submit their personal budget information here and a member of the team will be able to review your household budget.

For those in work, the raising of the threshold at which National Insurance is paid is likely to have the biggest impact as the figure will be moved to £12,750 from 6th July 2022. This means that those in employment will not pay National Insurance on a further £3,000 of their wages (increased from £9,750).

There will be an extension and increase of £500 million to the Household Support Fund to help vulnerable families who have recently seen financial hardship to support with food, energy and water bills. Residents can approach their local council directly if they would like to request support. More information can be found here

You can read the full statement on the Government website here.