Budget 2011 ~ Debt Managements and Consolidation

Written by Lizzy on Monday 28 March 2011

The 2011 Budget has been officially announced and, after allowing time for it to sink in, here are some key points.

Starting from April 2012 your personal tax allowance will raise a further ?630 to ?8,105. April this year personal tax allowance will rise from ?6,475 to ?7,475.

What does this mean? You will now get to keep more of the money that you earn before paying tax and from April 2012 it is thought a further 260,000 people will be lifted out of the income tax bracket altogether.

From 6pm 23rd March fuel duty was cut by 1p per litre. In addition to this the inflation-based increase that was due soon has now been postponed until the start of 2012.

What does this mean? Fuel prices have been a big issue over the last few months with many people calling out for help bringing the situation under control. This is a step in the right direction, but there is still a rocky road ahead.

With unemployment soaring, up 50,000 apprenticeships will be created for young people out of work. On top of this funding will be given for 100,000 new work experience placements.

What does this mean? Younger people out of work have the opportunity to learn a particular skill or trade to help them secure full time employment and get them into work.

If you are struggling with debts then please call Payplan on 0800 2802816.

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