Author Archives: G K Teh

G K Teh

Opinion: The impact of the Budget on students

By G K Teh | Mon 13th July 2015 - 11:42 am

 

George Gideon Osborne. Feared and distrusted by the left, the sensible and reasonable portions of his own party. And now he has given university students yet another reason to distrust him. In the Conservative majority budget issued on July 8 2015, the Chancellor introduced a barrage of attention-grabbing measures, many of which present disappointing news to youths – particularly university undergraduates.

The speculation that the first Tory budget since 1996 will be unforgiving for the young and the unemployed have, sadly, been realised. The National Living Wage (set to £7.20 by next April and £9 by 2020) is all very well for workers over 25, but will not apply to those under 25, who will still have to contend with a £6.50 minimum wage. This means that young people who have just left university will have to make their earnings stretch further to cover the rising cost of living that will result from a more robust economy, which will result from reduction in bank levies and cuts in corporation tax.

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