The Daily Telegraph has reported that within the next few days, the DWP will be announcing proposals to charge parents for the services of CMEC (the Child Maintenance Enforcement Commission). CMEC is one of the “quangoes” the government is considering scrapping, with the service being taken under the wing of the DWP in order to save costs. It is thought that the DWP will be asking for the public’s views on charging parents for collecting child maintenance, including how much should be charged. In the meantime, let us know your first thoughts on the matter.
Find out more about Hart Brown's family department
Showing posts with label government cut backs. Show all posts
Showing posts with label government cut backs. Show all posts
Tuesday, 11 January 2011
Wednesday, 20 October 2010
Government Spending cuts
We like you, will no doubt discover the full gory impact of today’s expenditure cuts announcement, gradually over the next few days. Such is the detail and nature of these things, that several days after the main headlines are losing their initial impact, news of further implications and ramifications will seep into the public domain.
However the real impact will come some way down the line as the various benefit cuts, tax increases and additional costs (such as the hike in rail fares) start to directly hit your wallet. The vast cocktail of measures makes it very difficult for anyone to quickly assess the precise affect on them. Nevertheless, the coming weekend’s papers and professional economists’ blogs will no doubt make a good stab at quantifying the bad news for a range of ‘case study’ families.
For some of our clients the changes could require a rethink of their f
uture financial plans and using our experience and lifetime cashflow modelling software, we will be able to demonstrate the effect of changes such as increased expenditure and deferring retirement age (increase in State pension age to 66).
We also expect many more people to ask us to help them examine carefully their pension arrangements, particularly those people whose jobs are in jeopardy or whose pension benefits are being diluted. We fully expect that many final salary pension schemes will require increased contributions for lower benefits at a later pension age.
We won’t know for some time whether the medicine the coalition has administered has saved the day or pushed us towards a double-dip recession. Economists seem fairly equally divided on this point. All we can say for now is that we are here for our clients, ready to listen and provide practical advice.
Find out more about Hart Brown's Financial Planning Department
Read more about the author of this article
However the real impact will come some way down the line as the various benefit cuts, tax increases and additional costs (such as the hike in rail fares) start to directly hit your wallet. The vast cocktail of measures makes it very difficult for anyone to quickly assess the precise affect on them. Nevertheless, the coming weekend’s papers and professional economists’ blogs will no doubt make a good stab at quantifying the bad news for a range of ‘case study’ families.
For some of our clients the changes could require a rethink of their f
uture financial plans and using our experience and lifetime cashflow modelling software, we will be able to demonstrate the effect of changes such as increased expenditure and deferring retirement age (increase in State pension age to 66).
We also expect many more people to ask us to help them examine carefully their pension arrangements, particularly those people whose jobs are in jeopardy or whose pension benefits are being diluted. We fully expect that many final salary pension schemes will require increased contributions for lower benefits at a later pension age.
We won’t know for some time whether the medicine the coalition has administered has saved the day or pushed us towards a double-dip recession. Economists seem fairly equally divided on this point. All we can say for now is that we are here for our clients, ready to listen and provide practical advice.
Find out more about Hart Brown's Financial Planning Department
Read more about the author of this article
Tuesday, 5 October 2010
Was the Government right to make child benefit cuts?
Yesterday, the Chancellor, George Osborne announced that child benefit payments will no longer be paid to couples where one parent earns over £44,000.00 per year or single parents who are working and earning over £44,000.00 per year.
However, couples who are both working and each earn up to £44,000.00 will still be able to claim child benefit.
The impact of this will therefore be on single parents who work and stay at home parents, whose partner or spouse works and earns over £44,000.00 a year.
In reality, couples who are both working, each earning up to £44,000.00, having a joint income of potentially £88,000.00 will still be able to claim child benefit, but couples with only one income of £45,000.00 will not.
There has been much protestation in the news about these cuts today as many people rely on child benefit as a source of income. Traditionally, the parent in receipt of child benefit has been able to use this for the benefit of the children for example to pay for holidays or Christmas without it being pooled with the family income.
Do you think the Government was right to make such a cut? Or do you think that there are other benefits that should be cut instead? Have you been affected by this latest news? Let us hear your views.
Article:-
http://www.bbc.co.uk/news/uk-politics-11464300
Anne Thomas, Legal Executive, Family Department, Hart Brown
However, couples who are both working and each earn up to £44,000.00 will still be able to claim child benefit.
The impact of this will therefore be on single parents who work and stay at home parents, whose partner or spouse works and earns over £44,000.00 a year.
In reality, couples who are both working, each earning up to £44,000.00, having a joint income of potentially £88,000.00 will still be able to claim child benefit, but couples with only one income of £45,000.00 will not.
There has been much protestation in the news about these cuts today as many people rely on child benefit as a source of income. Traditionally, the parent in receipt of child benefit has been able to use this for the benefit of the children for example to pay for holidays or Christmas without it being pooled with the family income.
Do you think the Government was right to make such a cut? Or do you think that there are other benefits that should be cut instead? Have you been affected by this latest news? Let us hear your views.
Article:-
http://www.bbc.co.uk/news/uk-politics-11464300
Anne Thomas, Legal Executive, Family Department, Hart Brown
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