Martin Lewis issues warning over 'five things' left out of Budget

Martin Lewis issues warning over 'five things' left out of Budget

by · Birmingham Live

Martin Lewis has issued a warning over FIVE things which were left out of the Budget. The BBC Sounds and ITV star issued his "instant reaction" in a video on Twitter, now X,as well as YouTube, after Labour Party Chancellor Rachel Reeves spoke to the House.

Mr Lewis said: "My instant Budget reaction – everything you need to know at speed. (Subtitled version coming soon, wanted to get it out quick) Feel free to share." He said: “That is a big hit to many employers although smaller employers will see an increase to their allowance.

“Currently you start paying at £9,100, if you drop that to £5,000 at a 15% rate, just on that difference alone that’s £615 more per year per employee. Somebody is going to have to pay for that, it will either come out of profits, increased cost to consumers or reduced salary and benefits in future for employees.”

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He added: “Next, to counter that to an extent the minimum wage is going up next April. That is an above inflation 6.7% rise. If you’re on the minimum wage make sure this happens next April.” He said: “I haven’t been able to talk about the fact they haven’t made announcements about lifetime ISAs or mortgage prisoners or WASPI compensation or student maintenance or mitigation for Winter Fuel Payments but I’ll be doing those on social media and doing those on my show tomorrow.”

Conservative former minister Sir Desmond Swayne described the Budget as a “disaster” and opened his speech by offering a “piece of Swahili wisdom”, telling MPs: “You can’t chase two antelope. And that is exactly what the Government has been doing since it was elected. It announced that its overriding priority immediately after the election, and repeated today, was to secure economic growth by investing, investing, investing.

“But in reality its main effort was elsewhere. Its main effort was actually creating a narrative in the public mind that it had inherited a wasteland.”