If you don't have a savings account you could be missing out on a simple way to keep track of your finances, earn on your savings as well being able to save easier. Setting up a savings account doesn't have to be a hassle and it will serve you in the long run. Your savings account should work for you so make sure to shop around to find the best one.
Having a separate account to put your savings in is the most effective way to save your money and build up an emergency fund. You may want to save for a big purchase or upcoming bill or you may just want to make sure you have money set aside for whatever might come in the future. Keeping your money separate will help you keep track of your finances and you can make sure you don’t use your savings on a day-to-day basis.
It will be much easier for you to see how much you have to spend as well as starting to set up a budget if your money is separated. Knowing your spending patterns can help you gain control and begin to save or allow your money to go further each month.
You could earn money when your bank has a good interest rate, you may have to switch banks to find the best one.
By separating your money you can keep it safe from any fraud or theft as all your money isn’t in one place.
You can have a stress free process and be able to move money around when you need it. If you have your savings account with the same bank as your current account this will be simple to set up.
UK football clubs make their money from sponsorships, matchdays and broadcast however often this isn’t enough to keep them out of debt.
The spending of a football clubs on infrastructure, salaries, competitions and more is often far more then the club earns back causing mounting debt and potential breaches of FFP.
FFP – Financial Fair Play
The FFP rules cam into force in 2014 to ensure financial sustainability for clubs and prevent financial disaster. It was a common theme that football clubs would be spending far more than they could afford and drowning themselves into debt with the hope of an investor to pull them back.
The UEFA set a budget for clubs and now the rule is they cannot have a loss greater than £105m over three seasons, £35m a season.
Many football clubs are in debt due to spending more than they earn, which is breaching FFP rules and could result in consequences.
According to figures on the BBC current Premier League club debt levels are approximately £3.6bn.
Wages are usually the biggest day-to-day running costs, as well as transfer fees with both absorbing about 90% of total Premier League revenue across the 20 clubs. Clubs have to resort to selling players and relying on owner generosity to cover the losses.
If a football club is found to break FFP rules then they could face one of the below,
Everton – Breached FFP by £16.1m they were deducted 10 points which they appealed and this was brought down to 6 points.
Nottingham Forest breaches the rules by £34.5m over two seasons and only had 4 points deducted which they are appealing
Sky Sports tells us that as well as Everton and Nottingham, Sheffield United, Burnley, Luton and Brentford also await their verdict which will impact their Premier League relegation battle.
Trying to get a mortgage can be a difficult process and making sure you are eligible before beginning could speed up the process for you. If you are starting the mortgage application process then you will know there are many documents you will need to have for this. To make sure you are eligible to begin ensure you meet the requirements of your lender.
In 2022 they found that most male casualties of all severities were 30-49 year olds and there were around 27,539 cases. For females the same year it was also 30-49 year olds with 16,341 cases.
Many young drivers are struggling to afford insurance when they pass their test and with prices increasing each year there seems no solution through this.
Other factors include, how long you have been driving, if you have any other claims on your driving record and your job including if you use your car for work.
In 2023 insurance was 25% more expensive than the previous year and the increase is expected to continue.
Insurers recorded a 21% increase in pay-outs in the last half of 2023, paying £2.5bn.
Insurance fraud has increased with more people tricking insurers into paying them for a fraudulent claim and so insurers are losing money.
Additionally, uninsured drivers are reportedly causing issues as when they are in a crash, the innocent parties insurance will have to pay out due to the one party not having insurance.
As well as this, the higher prices in cars as well as car parts and used cars are increasing the amount insurers have to pay out and so they increase their prices.
Home owners have suffered another setback with the news that three major lenders have announced that they are to increase their fixed mortgage rates.
Nationwide, NatWest and Santander have all announced rate hikes, due to increased uncertainty over when the Bank of England plan to cut interest rates, currently at a 16- year high of 5.25%.
Santander started the ball rolling with a number of fixed and tracker rate increases, including a residential fixed rates rise by between 0.04% and 0.2% for all buyers and remortgage customers.
All buy-to-let fixed rates rose by up to 0.25%
NatWest soon followed with a 0.22% rise across a range of residential and buy-let fixed rate mortgage deals./
While Nationwide said that they would increase rates on several of its foxed rate deals by 0.25%.
It’s bad news for those who are currently have fixed rate mortgage deals that are about to expire, as they are relatively cheaper compared to what has been announced.
Also as the three lenders who have revealed their rate increases are big players on the mortgage market, it might trigger other banks and buildings to follow their moves.
Mortgage holders should wait for the news from the Bank of England, who will announce its next interest rate decision on May 9.
Nationwide’s latest figures for April showed that house prices fell in April by 0.4% compared to the previous month.
The average home now costs £261,962, which is 4% below the peak in the summer of 2022 when house prices benefited from the fall out of the Covid-19 pandemic.
The rise in the cost of borrowing as interest rates hikes have continued were blamed for the fall in house prices.
According to Moneyfacts the average two-year and five-year fixed rate stood at 5.91% and 5.48% respectively on May 1.
This is the highest it has been since January, and is also higher than the 5.80% and 5.39% respective average two-year and five-year fixed rate at the beginning of April.
As this year progresses average interest rates have increased.
Yet according to the Bank of England’s Money and Credit figures there were 61,300 mortgage approvals for house purchases in March,, which was up from 60,500 in February.
This was the sixth successive month that the number of mortgage approvals have risen.
If you are feeling the pinch of the current high living cost environment, the HomeOwners Alliance has revealed several ways that you can lower mortgage payments.
The most expensive mistake that many mortgage holders make is staying on a standard variable rate mortgage, as they are invariably higher than the introductory rate whether it be a tracker or fixed rate if it has expired.
You could also switch to a interest rate only mortgage, where you would only pay the interest on the loan for the mortgage.
This would be a more suitable to someone who did not have a steady income, but had lump sums available either through for example lump sums or an inheritance.
Asking for an extension on your mortgage would reduce your mortgage payments, but the downside is that taking this route will increase the amount of interest that you would pay over a longer period of time.
Another option is to look for a cheaper mortgage deal, by switching from your current deal, and then remortgage onto a more economical arrangement.
In the long term you can cut your mortgage payments if you can make overpayments.
But make sure that there are no penalties if you were to choose this path and speak to your mortgage lender.
Also make sure that there are no other loans or credit cards that need dealing with first.
An offset mortgage is another route you can take, where the mortgage is linked to a savings account, the balance on these savings are used to cut the interest charged against the mortgage, which is where you can save.
If you are really struggling to keep up with the mortgage payments the check with your lender over the possibility of a mortgage holiday.
This is when your mortgage payments will be paused over an agreed period of time
Yet this does mean that mortgage arrears will be chalked off or that your mortgage lender will cover any payments.
If your lender agrees to the payment holiday then the debt will be deferred to a later date.
Although be warned that interest will build on your mortgage debt, so when you restart payments the monthly amount will be higher.
Since 2018 8 council have declared bankruptcy including 4 in the past 15 months which are, Woking, Nottingham, Birmingham and Thurrock.
Almost 1 in 10 councils in England have warned that they will go bankrupt in the next 12 months due to financial trouble.
A survey based on 160 responses from 128 councils out of 317 shows the widespread concerns and struggles. It found that 9 in 10 council plan to raise council tax whilst others will be raising the price of services such as parking and waste disposal.
They expressed their struggles over the costs of children’s services and the soaring homelessness bills as the biggest risk factors for district councils.
In late 2023 Birmingham council effectively declared bankruptcy following a £760 million equal pay liability bill.
This led to drastic measures including a 10% increase in council tax.
The equal pay liability was not the leading factor here despite the council highlighting this aspect.
The Birmingham council has also been experiencing a faulty IT system which meant their finances were unavailable and potentially inaccurate for about 7 months.
They paid over £100m to have a badly implemented upgrade which only created IT issues as well as being £100m down.
Due to this they are still waiting for the figures to be audited and verified as their outgoings and incoming payments could not be accurately checked. The figure could be severely overstated and the reactions unnecessary.
Many councillors believe this problem should be corrected before declaring bankruptcy as well as taking drastic measures for its over 1million residents.
Northamptonshire issued a notice in 2018 and was the first local authority to do so in 20 years. Since, Slough, Croydon, Thurrock, Woking, Birmingham and Nottingham have all issued a notice of bankruptcy. Many others have warned that a notice could be in their near future too.
Over the next two years there will be a predicted £4bn gap in funding for councils.
At the start of 2024, the Department for Levelling Up, Housing and Communities added £600m to the annual local government finance settlement. They aimed to support local authorities with social care as well as rural services.
In February, they confirmed that councils would be provided £64.7bn funding for the 2024-25 financial year including the earlier £600m. The rise assumed that all councils would agree to the maximum council tax increase, 5% for unitary and county councils, and 3 per cent for district councils.
Later in February they announced that 19 councils would receive the Exceptional Financial Support framework with 11 receiving funding for previous years including, Birmingham, Bradford, Cheshire East, Croydon, Eastbourne, Havering, Nottingham, Plymouth, Stoke-on-Trent, and Woking.
The rise in the cost of living has affected many who are looking to buy their first home, according to a recent poll by major mortgage lender Nationwide.
Overall 84% of the 1,000 people who were questioned in the study, said that that the rising prices had knocked back their ability to finally step onto the property ladder.
Just under half of those respondents said that they are pushing back their ambitions to buy a property, due to worries about whether they can afford to buy.
While 60% said they had made the decision to delay purchasing a home from anytime between three and five years.
A fifth of those who were asked in the survey, said that they do now not think that they would be able to buy that first home until they reached their forties.
The two most difficult hurdles to overcome for first time buyers were saving enough for a deposit for a place, or they did not believe that they would be accepted by lenders as they thought they would fall short of any affordability assessments.
The poll found that 52% of those asked said that the spiralling prices had made it far more difficult to put money aside.
Yet the cycle of high prices is easing, as the British Retail Consortium (BRC) found that shop price inflation in the year to April was 0.8%, which cooled from the 1.3% annual shop price hike that was found in March.
Food price increases have been an issue for some time, but food prices decelerated to 3.4% in April, which was 0.3% less compared to the annual figure for March.
This was also below the average for food price inflation over the past three months. which has been 3.9%.
Non-food prices fell into a deflation figure of -0.6% in April, with clothing and footwear prices especially falling as retailers offered many discount prices.
The BRC’s findings support the official data that inflation in the UK is falling, as the Office of National Statistics’ figures showed that annual inflation in March fell to 3.2% in March, a far cry from 10.1% of a year ago.
The Bank of England has maintained interest rates for five successive times at 5.25%, but has forecast that inflation will drop below its 2% target in the spring.
This might allow the Bank of England to start to reduce rates, as many analysts expect during the second half of this year.
Although its still a little unpredictable when exactly this might happen.
The next interest rate decision will be made on May 9.
House prices are widely forecast to fall this year due to the continued uncertainty for consumers, alongside a squeeze on available cash according to Lloyds Bank.
Its anticipates a drop in house prices between 2% and 4%.
While the Centre for Economics and Business Research forecast that house prices will decline by an average 1.9% throughout this year.
This follows a 2.1% fall in housing prices it found in its annual figures for November last year.
Property blog Rightmove also believe that there will be a smaller rather than major fall in prices for this year, with a drop of 1% as competition increases for sellers to find a buyer.
While this is good news for prospective buyers, at the same time the decline in prices is part of the same current financial climate making it increasingly harder to save.
Yet Halifax said in its latest figures that house prices actually increased in the year to February by 1.9% or a £5,318.
This was mainly down to the demand to buy smaller homes.
Next year should see house prices in the UK finally recover on a consistent basis reversing the recent trend of prices falling steadily, rather than decreasing by a huge margin as some analysts were predicting at the beginning of last year.
Lloyds, who own Halifax and is Britain’s largest mortgage lender, said that next year house prices would begin to rise by an overall 2.3%.
Its chief financial officer William Chalmers, said that there has been an increase generally in the housing market for a number of years, and so we will see a retracing of a part of those steps next year.
Santander have also previously forecast a house price rise of 2% for 2025.
First time buyers will be hoping that the environment to save improves, to allow them to match those potential property increases.
Chancellor Jeremy Hunt recently confirmed that the triple lock pension system will be retained if the Conservatives win the next general election this year.
It’s a move that can be seen as a mini u-turn, as it has been believed that Hunt has doubted the system before manly due to the costs involved.
He has said that triple lock would be paid for by growing the economy.
While Labour have also said that it is also committed to keeping the triple lock system, so far Sir Keri Starmer has stopped short of confirming that it will be included in the party’s manifesto for the election.
The Liberal Democrats have also said that the triple lock will stay in place, which could have some significance if there was to be a hung parliament.
The triple lock guarantees that the state pension will rise by the highest total out of average earnings, inflation or a rise of 2.5%.
It was brought in by the coalition government in 2010 to ease financial pressures on pensioners.
Inflation has fallen to 3.4% in the year to February compared with 10.4% for the same period last year, which makes it easier for the Conservatives and Labour to commit themselves to the triple lock system.
Every April it is decided what the increases in the state pension will be for the UK’s 12 million retirees.
This year the state pension has been linked to the average earnings part of triple lock, as wages have increased to cope with rising inflation over the past two years.
So there is to be an 8.5% increase in the state pension, meaning that the flat rate state pension for those who began to claim it after April 2016 has now risen to £221. 20 per week from £203.85 a week during the last financial year.
This will mean a pension rise of over £900 per year in what is a significant development, as so many retirees are solely reliant on the state pension.
While those who reached state pension age before April 2016 will receive £169.50 per week, a rise from £156.20 a week.
Your entitlement to a state pension is based on your national insurance payment records.
Overall 30 years of national insurance contributions are necessary for you to receive the full state pension, this rises to 35 years of qualifying national insurance payments for the new full state pension
Men who were born after April 6 1951 and women who are born after April 6 1953 are eligible for the new state pension, where you would have to have paid at least ten years of national insurance payments to receive any state pension at all.
The triple lock state pension pledge has caused many storms, as the benefit increases have created more of a strain on the public finances as the population in the UK is getting older leaving more pensioners to provide for.
Official figures have showed that a £7.1 billion deficit is expected in the public finances for 2024/25, and the bill for the triple lock is a major reason for the shortfall.
Last year the Institute of Fiscal Studies (IFS) released a report which revealed that the cost of triple lock has increased by £1 billion per year.
It was also found that the if the triple lock system was never introduced and the state pension had risen in line only with inflation, then for the last financial year the weekly pension would have been worth £180 compared to the just under £204 per week.
Looking ahead the IFS said that the future costs of the state pension could push spending up by anything between £5 billion and £45 billion per year, as the pensioner population continues to grow.
As there are flexibilities within the triple lock system it can be hard to predict just what a pensioner will receive as part of a full state pension, and also what the cost to the government will be.
With the state pension rising this could mean many pensioners will have to pay income tax, cutting into their limited finances.
There have been some suggestions on how to replace the triple lock, for example having a double lock where wage growth would not count towards the state pension.
Yet others have said that the levels of wage growth should be the sole measure of a state pension, to keep it in line with general income trends.
Other opinions have been to lower the 2.5% rise clause to reduce spending.
Most people put off switching banks because they think it will be too much hassle and it’s easier to remain at the same account despite receiving no rewards.
Well, what if we told you there is a way to switch with little to no hassle?
If you’re not sure if you should switch banks then take a look at the pros and cons.
Current Account Switching Service offers you a way to move your money, switch accounts without doing a lot of work yourself.
CASS will make sure to match your overdraft limit, your direct debt, standing orders and processed payments will all be taken into account and linked.
There are over 50 UK banks who are signed up to CASS meaning you will be able to switch easily. These include,
You often have to have a set amount of direct debits set up as well a minimum deposit to place into the account.
This is when you are moving everything into a new account and closing down your old one.
If you want to keep both accounts in order to receive rewards from both and to keep your money separate this is a partial switch. This could be a good idea if you are trying to budget and want to have money in different pots or if your bank offers good rewards.
If you want to switch accounts, find the best one for you and talk to your bank about CASS for an easy transition.
“Money can’t buy happiness”, so the saying goes, but I think most people will agree that financial security is the foundation for success, stability, and peace of mind. If we use Maslow’s hierarchy of needs – money enables us to buy not only the most essential requirements at the base of the triangle, but also facilitates the achievement of the higher levels further up the diagram. From ensuring basic needs are met to enabling opportunities for personal development and fulfilment, money profoundly shapes every aspect of our lives. Yet despite its fundamental importance, the significance of cultivating sound financial habits from an early age is often overlooked.
Developing financial literacy in childhood is essential. It begins the process of equipping individuals with skills they will need as adults to budget effectively, save for future purchases, and make wise decisions about investments. It lays the groundwork for a lifetime of financial well-being and can provide sound reasoning for living within one’s means rather than beyond them – the short term glamour of which can certainly be appealing, but can often lead to an increased likelihood of falling into debt or being dependent on expensive, debilitating credit.
However, managing personal finances is not just about controlling spending and saving. It also requires a more general understanding of many other external factors in the wider economy such as inflation, interest rates, and personal and corporate taxation; and how they affect us. Armed with this knowledge, individuals can plan their working and family lives efficiently.
Getting to grips with fiscal policies such as taxation also supports informed choices about allegiance to political parties and their policies. Financial measures are always key aspects of every manifesto, affecting disposable income, public services, business operations, and economic growth. A basic understanding of such monetary issues, including personal and corporate taxation allows citizens to critically evaluate different tax agendas, taking into consideration how they align with their own financial goals as well as broader ethical values.
In an era where tax has become highly politicised, it is more important than ever that voters read between the lines of election promises and question the underlying viability of financial predictions and calculations. Revenue from taxation is used to pay for resources that everyone in the community benefits from, such as healthcare, education, and infrastructure. So there’s a direct link between paying tax (and therefore any tax cuts) and the extent of these provisions being made available and to whom they are available to. It could be argued that, while no one wants to pay more tax, everyone wants improved services and a higher standard of living.
Therefore, reaction to taxation policies often heavily influences voting behaviour and in the coming UK election, it is likely to be no different. An outright winner will get a mandate to set the fiscal direction, impacting the economy and society for years to come.
But making decisions based on these policies requires a broad understanding of what they mean. So it’s interesting that recent surveys suggest most of the UK is financially illiterate, with the problem most prevalent among the younger generation. It suggests that in the 18 to 24 age group, 26% seek financial advice from TikTok, and 36% of those aged over 55 obtain the majority of their financial “education” from TV shows. The UK population’s knowledge about inflation, taxes, pensions, and savings, is also considered inadequate when compared to other similarly developed countries, like France, Canada, and New Zealand. In light of this, it is not surprising that the UK ranks 11th in the world for having the highest household debt, measured as a percentage of net disposable income.
When it comes to whether people understand or even care if businesses pay the right amount of tax, the picture is mixed. New research by Tax Systems, in partnership with YouGov, looked at the reaction of various age groups to companies that are trying to minimise tax payments through tax havens and loopholes in regulations. Overall, it found that 47% of the adult population would be less likely to engage with a business minimising its corporation tax payments, but nearly a third said it didn’t matter. This could be symptomatic of the current cost-of-living crisis - understandably, if you are struggling with energy and food bills, you are highly unlikely to be able to afford to choose ethics over value for money. Then, there were 16% who didn’t know if it made a difference, and 8% who said they were more likely to do business with those reducing their tax bills.
It was noticeable that Gen Z appeared to be less concerned than older respondents about how corporates behave, with just 30% less likely to engage with organisations minimising tax payments. This is in direct contrast to what I expected to be honest – given the importance this cohort places on morals and ethics in the workplace and society as a whole. Interestingly, a significant proportion, 28%, said they didn’t know if it would make a difference, which to me is either possibly indicating a lack of faith they have in the current political system, or an insufficient appreciation of how corporate tax revenue supports vital public services. Perhaps, if more emphasis was placed on the billions of deficit resulting from tax avoidance, it would help younger generations to form an opinion, instead of not knowing whether it matters.
Critically, financial literacy isn’t just beneficial for individuals, it would also drive the prosperity of the UK. A financially literate population, making informed decisions about saving, investing, and managing debt, would contribute to overall economic stability and resilience. They are more likely to participate actively in the economy by increasing productivity and encouraging innovation and entrepreneurship. This in turn drives growth and social mobility. Improved financial knowledge also creates a more engaged society, capable of distinguishing between political rhetoric and credible facts and figures.
So the mission to improve financial literacy must be a shared responsibility. It requires concerted efforts from governments, educational establishments, financial institutions, employers, and parents alike.
The government will need to play a crucial role in determining financial education policies and providing resources for implementation. Mandating financial literacy lessons in schools as a first step, then looking at establishing national standards. Additionally, more collaboration with financial institutions would enable governments to offer sponsored programs such as online resources or face-to-face workshops aimed at improving financial knowledge and skills among the population.
Promoting financial literacy from an early age will also help break generational cycles of debt. Incorporating financial education into the school curriculum will ensure that students acquire these essential skills that are proven to be so very valuable. Using modern, interactive teaching methods would make financial concepts more accessible, relevant, and engaging for students.
Financial institutions also have a vested interest in promoting financial literacy to foster responsible financial behaviour and develop long-term customer relationships. Educational resources and programs to help individuals make financial decisions would be hugely beneficial, as would simplifying the language used to explain financial products and services to enhance transparency and comprehension among consumers.
More recently, there appears to be increasing demand from employees for financial education initiatives with 68 per cent of HR professionals saying they received a request. Employers have a great opportunity to include financial planning, investment advice and debt counselling within their staff welfare benefits, and as part of recruitment incentives to attract new talent.
Parents of course, play a pivotal role in forming children's attitudes towards money. Research indicates that almost a third (31%) of parents and carers don’t talk to kids openly about money, missing out on this vital early stage of learning. As well as demonstrating responsible practices, such as budgeting, saving, and avoiding debt, parents could also have regular conversations with children about money management. Involving them in household financial decisions and encouraging appropriate goal-setting from a young age will prepare them for a better future. Otherwise, the stress of financial insecurity in adulthood can extend way beyond economics, affecting mental and physical health, relationships, and overall quality of life.
By taking collective responsibility, the UK could reverse the trend of financial illiteracy. Educating all age groups to navigate the complexities of the financial landscape would help to secure their well-being and improve the prosperity of society for generations to come.
Sunak recently announced the importance of spending on defence and the need to increase the amount of money going into this area.
Sunak announced with so many conflicts and dangers in the world today the need to pour funding into defence and the military is crucial. The war in Ukraine and the advancement of technology along with Russia’s growing alliances spurred Sunak to make this pledge.
A planned increase of 2.5% GDP rising linearly will mean by 2030 the UK will have been spent £75bn on strengthening UK defence.
This is one of the highest levels of spending on UK defence since the Cold War.
The government’s report on the extra spending state a promise for a boost in UK prosperity and economy.
They state that this will support over 200,000 jobs, add £11bn a year to the economy and provide high skilled and well paid jobs to communities across the county.
The Institute for Fiscal Studies had noted that the amount of £75bn which has been pledged can only work if the defence spending is frozen every year from now until 2023, rather than rising in line with the UK’s existing defence spending of around 2.3% of GDP. If this is taken into account the rise will amount to just £20bn from now until 2030, much lower than promised.
The increase will likely be needed to fill current gaps rather that additional support as reported from Chatham House.
This year’s UK Defence Equipment Plan for 2023-33 has a gap of £16.9bn between its requirements and its budget.
The increased spending on defence supports the UK’s armed forces as well as showing that the UK is prepared and able to deal with future advancements however with spending in one area cuts or loans will have to be made and the UK public could suffer. Cuts could also come from foreign aid spending which is also crucial for millions across the world.
The UK is one of the largest donors for humanitarian aid, behind Germany and the US as Statista reports.
With so many causes of humanitarian aid there are calls for help from countries with the largest economies.
In 2023 the UK spent around £15.4bn on foreign aid which is 0.58% of its gross national income. This was an increase of 20.2% from 2022.
The gross national income is the value produced by the country over the year, this could be from domestic production or from overseas.
In 2023 a majority of foreign aid money was sent to Ukraine, Afghanistan, Sudan following the coup, Turkey and Syria after they suffered from earthquakes.
Since 2022 the UK has sent around £12bn to Ukraine and a further 2.5bn has been promised for 2024/25.
This included £7.1bn of military assistance with training programmes set in place with over 30,000 Ukrainians trained so far.
The UK has sent food and shelter supplies such as tents to Gaza since October 2023.
The UN’s Sustainable development goals were set in 2015 to fight hunger, poverty and climate change by 2030. Only 15% of these targets are on track with plans being halted through COVID, the Ukraine war and other conflicts.
The UN set a target for countries to spend 0.7% of their Gross National Income on Official Development Assistance.
The United Nations report estimates around 575m people will still be living in extreme poverty in 2030 and 84m children will be out of school with 300m children in school leaving without being able to read or write.
In 2021 whilst the world was facing the battle with COVID-19, the UK cut funding from 0.7% to 0.5%. This meant disaster for many who rely on help, with various support programmes being cut.
Global Citizen states the consequences of foreign aid cut as, The Malawi Violence Against Women and Girls Prevention and Response Programme was cancelled. Female empowerment projects in Nigeria and Afghanistan were closed. Peace-building work in South Sudan ended. Education programs were cut. Around 72 million people were expected to miss treatment for neglected tropical diseases. Specialist work on conflict prevention lost millions allocated to the Middle East. Over 40,000 Syrian children lost out on an education.
The 2024 Budget failed to restore the aid budget to previous figures so these problems will only increase.
