We’re about to have an emergency budget, speculation about which is rife, and yet I’ve just read a press release which shows that the majority of Brits are ignorant to the true extent of the nation’s deficit. Why is this?
Whether it’s TV news or newspaper articles, details about the dire situation we are in with the UK deficit is being continually reported on.
Only today the Daily Mail for example has had numerous items, including the latest ‘VAT hike in Budget ‘would cost families £400-a-year’ as Osborne also prepares £4bn benefits bonfire’ and we too here on MoneyHighStreet have picked up on the speculation surrounding the rise in IPT and raised concern over what the budget will bring.
Despite this coverage, according to a survey by Vouchercodes.co.uk, 65% of Brits are ignorant to the true extent of the nation’s deficit. And only 35% of people surveyed correctly identified the figure as £163 billion.
It is worrying. However, perhaps more encouraging is that many do have their own personal finance in closer focus.
With VAT predicted to be raised in the budget to 20% (by the way, 14% didn’t know that the current VAT rate is 17.5%), 95% of those questioned said they would be making cutbacks in their personal spending if this does happen.
Cuts would be focused on eating out, clothes shopping, new cars, holidays and gym membership.
Maybe too it really is time for me to get back onto the Wii Fit? – Which to be honest has been gathering too much dust just of late! But then how many other Wii Fit owners also have their boards gathering dust??