Christian financial advisors say Budget fails to help the poor

Arwyn Bailey

Echoing the views of welfare charities and campainging groups, the Association of Christian Financial Advisers says today’s mixed-bag budget may be good for business, but fails to help those hit hardest by spending cuts.

ACFA has welcomed the increase of tax-free earnings to £10,000, the abolition of the confusing 10 per cent tax rate and the cancellation of fuel duty rises. It also supports the reduction of employers’ National Insurance, capital gains tax relief for employees buying a business, and moves to cut corporation tax to 20 per cent in the near future.

But ACFA spokesman Arwyn Bailey warns: "The budget may be good for business, but there is little by way of a helping hand for the poorest in our society."

The child voucher scheme announced by Chancellor George Osborne ignores poor lone parent families unable to find work, and families where a parent chooses to stay at home, he said. "The Chancellor has also failed to take action against high interest rate Payday loans, which exploit the most vulnerable," said Bailey.

The 20 per cent home loan scheme for those seeking to move up the property ladder "‘fails to address a root problem – the need to provide affordable social housing", he added.

ACFA is the UK network of Christian financial advisers and related professionals. It aims to be the voice of Christian financial advice and champions best practice in the UK. The ACFA website offers links to Christian financial advisers across the UK. See: www.christianfinancialadvisers.org.uk/