Millions of people in Britain feel they are worse off following announcements made in the emergency Budget earlier this week, according to a new report.
This could leave a number of homeowners aged 55 years and over looking to use the value of their property to boost their income through a lifetime mortgage.
According to the study by comparison website uSwitch.com, 33 million people believe they are now worse off.
The research revealed that 27 per cent of respondents feel they will need to cut back their spending and 51 per cent have lost confidence in their finances.
Ann Robinson, director of consumer policy at uSwitch.com, said: “While it may succeed in tackling the national debt in the long run, consumers are clearly concerned about what it means for them personally in the shorter run.
“Once the VAT hike takes effect, consumers will be cutting back on luxuries, and even necessities like food. The government has bought itself some time, but come January it could be facing double jeopardy.”
Homeowners aged over 55 years who are curious about how their property could provide them with a tax-free cash lump sum can find out by contacting Key Retirement Solutions for equity release advice.
Posted by Tom Papworth
