The Association of Christian Financial Advisers (ACFA) has welcomed the Budget’s increased personal taxation allowance, but said phasing out the age-related benefit would penalise those who had contributed the most to society.
Arwyn Bailey, an independent financial adviser and spokesperson for the ACFA, warned of increased ‘red tape’ and expensive complexity in changes to child benefit announced on 21 March.
He said the ACFA was disappointed that there was no announcement of stricter regulation of pay day loans, or a response to the Dilnot report on long term care funding.
Mr Bailey added that Chancellor of the Exchequer George Osborne had a difficult balancing act to perform. He said, ‘Only time will ultimately tell whether his fiscal policy will be effective in assisting the lower income groups, and raising sufficient tax revenue to fund the reduced public spending programme’.