Property News > Brits anticipate poor post-Budget spending power

Brits anticipate poor post-Budget spending power

With the Budget coming up this week (March 20th) many of us might feel uneasy about our financial future, with spending power potentially being hit when the chancellor announces various measures for the 12 months ahead.In previous years, consumers have been hit hard on essentials like fuel, with the cost of petrol and diesel rising thanks to tax increases, leaving many Brits seeking out cash for houses as a result.This year, some 55 per cent of people in the UK believe that there will be a severe reduction in what they are able to spend from month to month thanks to the decisions made in Westminster.It comes after Lloyds TSB discovered that there had been another lowering in what people could afford each month in February, the second time in a row that there had been a drop at the start of 2013.Patrick Foley, chief economist at Lloyds TSB, said: "Household budgets remain under pressure. Growth in spending on essential items remains stubbornly high despite the weakness in the economy, with food and drink spending again the largest driver of the squeeze. Consumers don't expect any relief from the Budget, and the recent fall in the exchange rate is likely to add to pressures."If you are feeling the pinch moving forward this year, there are ways you can make sure that you have a little more in your pocket though. Why not look to compare prices for your bills and other costs as a way reducing your essential spending and giving you a little more to spend than you had in the past?On top of this, you can also simply look to reduce direct debits you no longer use. Are you paying for a service that is obsolete? It can help to check outgoings from your bank account to make sure that you know each and every reduction in your balance.However, sometimes this will not provide you with the sort of result you are looking for with regards to your financial health, and another option can be to look to Property Rescue, who will give you a quick cash offer that allows you to feel more comfortable.

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