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Will you be changing your spending habits?

Now that the UK government's emergency budget is out of the way we can start to see how these changes will impact upon the everyday life of people in the UK. Despite the fact that many of us may not intentionally change our spending habits there is no doubt that such basic changes as an increase in VAT will mean less money in our pockets. So will you be changing your spending habits?

The truth is that each and every person in the UK, and each and every business in the UK, will be impacted by taxation changes as well as a reduction in the public sector budget. We may not fully appreciate the changes forced upon us, and indeed many of us may not actually realise we have changed our spending patterns, but each and every household in the UK will be hit to differing extents. Even though David Cameron confirmed that public sector budget cuts will account for 80% of additional income retained by the government, with just 20% coming from increased taxes, this does not mean an escape for the UK population.

When you also consider that the recent changes announced in the budget are literally just the tip of the iceberg we can expect difficult economic conditions in the UK for many years to come.

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