#Budget2016: Osborne’s Generation Y package ‘unfair to core’

The full scale of financial hardship facing millennials was unveiled on Wednesday as Tory Chancellor George Osborne delivered his eighth budget, promising to “put the next generation first.”

Osborne’s speech contained the phrase “next generation” some 18 times, critics noted, yet the word “pensioner” popped up just once.

Central to Osborne’s 2016 package is an extension of the government’s Help to Buy scheme, called ‘Help to Buy: ISA.’ The new policy is designed to reward first time buyers who are saving to purchase a property. The scheme will be made available through high street banks and building societies.

First-time buyers that opt to save through the scheme will receive a government bonus to assist them in making the first crucial step onto the housing ladder. The bonus will amount to some 25 percent of the amount saved, meaning for the maximum monthly saving of £200 ($282) the government will give an extra £50 ($70). The limit this bonus will reach is £3,000 ($4,230) on £12,000 ($17,000) worth of savings.

The government says the bonus will be calculated and handed over when first time buyers purchase their property.

While Osborne argues the scheme will help to ease the financial burden many under-40s in Britain face as a result of Britain’s housing crisis, his critics remain unconvinced.

Labour leader Jeremy Corbyn said the Chancellor has delivered a medley of failures over the last six years.

“It’s a recovery built on sand and a Budget of failure He’s failed on the Budget deficit, failed on debt, failed on investment, failed on productivity, failed on trade deficit, failed on the welfare cap, failed to tackle inequality in this country,” he said.

Corbyn went on to accuse Osborne of year-upon-year of skewed forecasts.

“Business investment revised down, government investment revised down. It’s a very good thing the Chancellor is blaming the last government – he was the Chancellor in the last government.”

Corbyn said the budget has “unfairness at its very core” because it is being paid for by those who can afford it least.

Chief Executive of the Children’s Society Matthew Reed said the Chancellor has failed to deliver for struggling families.

“If the Government wants to put the next generation first it must confront child poverty head-on. Instead it is pressing ahead with a four-year benefits freeze that will hit 7.5 million children,” he said.

“The Chancellor’s claim that child poverty has fallen ignores that half a million more children live in absolute poverty compared with 2010, and the numbers in the most severe poverty are also rising. Without immediate action independent forecasts indicate that hundreds of thousands more will join them.”

Reed said teens and youngsters will continue to face financial struggle until the Government is prepared to put forward the financial resources required to address the challenges they face.

Via RT. This piece was reprinted by RINF Alternative News with permission or license.