Jeremy Hunt will unveil back-to-work Budget to help get over-50s clocking on again
CHANCELLOR Jeremy Hunt will unveil his back-to-work Budget on Wednesday to help get the over-50s clocking on again.
He is planning a series of “skills bootcamps” to tempt retirees back into work.
Ministers want some of the eight million people outside the jobs market to find employment — with a focus on the construction and technology industries.
There will also be an expansion to the “mid-life MOT” scheme where people are offered financial advice to see whether they can actually afford to retire early.
Proposals to significantly increase pension tax allowances to keep workers in jobs for longer will also be announced.
Treasury plans will also include more support for low-income families claiming Universal Credit with the childcare benefits being paid in advance now, rather than reimbursed later.
There will also be a rise in childcare allowance — up from £646 a month for a single child to £950.
For two children, it may rise from £1,108 to £1,630, it is been reported.
The energy price guarantee scheme, which will keep average energy bills to £2,500, is to stay in place for another three months at a cost of £3billion.
Meanwhile, defence spending will rise by £5billion.
Labour leader Sir Keir Starmer yesterday challenged Mr Hunt to get the UK “off this path of managed decline” ahead of Wednesday’s Budget.
He pointed to Office for National Statistics’ figures which show that there are 3,000 fewer higher-growth businesses in the UK compared to five years ago.
Labour’s proposals include a green prosperity plan and a national wealth fund which they say will create 450,000 new jobs over the next decade.
Sir Keir said: “I know the spirit of enterprise, of creativity, of endeavour are as present in Britain today as they ever have been.
“This week, the Government has a real opportunity to show they have the ambition and competence to govern.
“Either they show some proper leadership and get our country off this path of managed decline or stand aside for an incoming Labour government.”