As we approach the 30^th October, there have been many speculations over what the new budget might bring. How these might affect students and the rest of the population is still unclear, but what is clear is the level of satisfaction with the new government is only decreasing.  

Historically, the budget is announced just over a month after the new government comes in. But, the 3-month period between the election and the 30th October has meant the UK is restless to know more. The King’s speech gave the public an idea over what this Labour government’s priorities are, yet the negative rhetoric over the ‘£22 billion blackhole’ and the negative press over Winter Fuel Payments, has left a bitter taste in the mouth. To make matters worse, public opinion has changed; many now believe this government to be ‘sleazy’ after the ‘freebies scandal’, which marks an official end to the honeymoon period.  

So, what will this new budget bring? The short answer is, we don’t know. And because of this, much has been speculated and many even believe this new government might have to break a few of the promises made during the election campaign. However, of what has been speculated, there are parts of the budget that could impact students, both positively and negatively. 

Firstly, the capping of tax relief. While this might seem irrelevant for students, who do not have to pay tax, many of us have ISA accounts. Currently you can add £20,000 annually, but there is talk that the new government might reduce a cap on how much you can add to reduce the £5 billion tax revenue that has been lost. While this could dissuade people from opening an ISA account, seeing as many who have at least one of these accounts do not maximise the use of them, this might be a smart decision on the government’s part. 

Labour are also planning on introducing a 10-year plan for an industrial strategy. While something that won’t affect students directly, the proposed National Wealth Fund (NWF) will invest in key net zero industries and hopefully provide green jobs. The government have suggested that the NWF will unlock £20 billion in private investment, which will not only strengthen the economy, but hopefully allow Britian to lead the way in greener energy and infrastructure. 

However, one of the major impacts on students could be the rise in tuition fees. While this has been speculated in other parts of the paper, to keep in line with inflation, universities are calling for higher tuition fees and more government funding. With Labour’s pledge to “break down barriers to opportunity”, the government is stuck between making university more accessible or improving the overall teaching and experience.  

While we won’t know what the 30^th October will bring, what we do know, is that every new government has teething problems, and how much time it takes for things to improve is unknown. So, while the new budget might bring even more problems for this government, it could very well provide the hope this country has been craving.  

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