As the UK's Chancellor Rishi Sunak sets to unveil his flagship Budget 2025, many Britons will be wondering whether their hard-earned cash will be boosted or slashed by the new spending and tax plans.
A handy online calculator has been released, designed to help individuals assess the impact of the Budget on their personal finances. The tool allows users to input their income, expenses, savings, and debt levels, and then provides a detailed breakdown of how they'll be affected.
According to the calculator, those who earn above £100,000 will see a rise in tax rates under the new plans. Meanwhile, low- and middle-income earners could see some relief, with some tax thresholds being increased. However, for many Britons, the overall picture may not look as rosy.
Some of the key measures include an increase in National Insurance Contributions (NICs) for higher earners, a freeze on personal allowances, and a shift towards more taxes on savings. The calculator suggests that those who rely heavily on their savings for retirement will be hit hardest by these changes.
But there's still cause for optimism. Those with lower incomes may see benefits from increased spending on public services such as healthcare and education, as well as efforts to tackle poverty and inequality. Overall, while the Budget 2025 calculator suggests that some individuals will feel the pinch, others could see a welcome boost in their finances.
A handy online calculator has been released, designed to help individuals assess the impact of the Budget on their personal finances. The tool allows users to input their income, expenses, savings, and debt levels, and then provides a detailed breakdown of how they'll be affected.
According to the calculator, those who earn above £100,000 will see a rise in tax rates under the new plans. Meanwhile, low- and middle-income earners could see some relief, with some tax thresholds being increased. However, for many Britons, the overall picture may not look as rosy.
Some of the key measures include an increase in National Insurance Contributions (NICs) for higher earners, a freeze on personal allowances, and a shift towards more taxes on savings. The calculator suggests that those who rely heavily on their savings for retirement will be hit hardest by these changes.
But there's still cause for optimism. Those with lower incomes may see benefits from increased spending on public services such as healthcare and education, as well as efforts to tackle poverty and inequality. Overall, while the Budget 2025 calculator suggests that some individuals will feel the pinch, others could see a welcome boost in their finances.
. One side is growing (income increasing), one side is shrinking (taxes going up). The middle part is getting squeezed ( NICs and savings tax) 
. Low-income earners might see some relief, but higher earners are taking a hit. It's like a seesaw – someone's gain is another person's loss 
. On one hand, the government is trying to fund public services, which could benefit those who need it most 
. On the other hand, it might not be enough to offset the pain for some folks 
.
. Let's hope those in power use this Budget to make a real difference in people's lives 
.
. It shows how quickly tax rates can add up, especially if you're relying on savings for retirement. I've got a family member who's planning to retire soon and this news is not what they needed 
.
. Fingers crossed that the benefits outweigh the costs 
!
. I mean, isn't retirement supposed to be about living comfortably, not stressing about how much you've saved? And those who earn over £100k are gonna feel the squeeze too hard 
. But overall, I think it's a balanced approach (ish) 
.
. But on the other hand, I'm worried about what's going to happen to people who rely on their savings for retirement... my grandma's not getting any younger 
. But overall, I'm just not sure... it feels like they're trying to balance too many things at once 
.
I've been saving up for years and now it sounds like they're gonna tax me even harder on my savers?? 
The calculator is kinda helpful but also super depressing lol I mean I guess the lower income people will get some benefits from the increased public services but what about us who are already living paycheck to paycheck? 
How are we supposed to make ends meet with all these changes?!?! 
. You gotta decide how to allocate your resources, and it's not always easy 
.
. But for those on lower incomes, there could be some real benefits 
. It's all about perspective, I guess. And let's not forget, it's not always about individual gain or loss - sometimes it's about what we can do to help others and make the world a better place 
.
. And what about those people who are already struggling to make ends meet? Are they really gonna get a helping hand from this budget? It's all about the details, innit? I'd love to see more info on how this is all gonna affect people with lower incomes 
.
It's just more money going to the top, you know? Meanwhile, low-income folks might be seeing some gains, but it's not gonna make a huge difference in the grand scheme. I mean, if you're living paycheck to paycheck, a little tax relief ain't gonna cut it 
