Government unveils mini-budget to tackle cost of living crisis

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INCREASED tax breaks, social security cuts and benefit hikes are among the measures proposed in a government mini-budget to tackle the growing cost of living crisis.

Treasury Minister Ian Gorst unveiled the plan this morning which, if approved by the States Assembly in September, would leave a single person household £520 better off in 2023, while a married couple or civil partnership would take home an extra £832 next year.

Income tax thresholds – including child allowances and child care tax relief – are to be increased by 12%, while employee social security contributions are to be cut from 6% to 4%.

Plans to cut the de minimis level – the threshold under which GST is not charged on imported goods – to £60 have been deferred until next July.

The government have also said they intend to engage with private sector landlords and estate agents to minimise rent increases and to work with community organisations to improve access to price information.

Many Islanders have reported struggling with the cost of living with Citizens’ Advice stating recently that they are seeing more people struggling with higher amounts of debt as interest rate hikes, high fuel costs and rental prices have pushed many to the limits of their budgets.

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