Chancellor Rachel Reeves is scheduled to deliver an update later today, offering insights into the projected performance of the UK economy over the coming years.
While the Spring Statement may seem removed from daily life, sustained economic growth typically translates to improved wages and increased employment opportunities.
BBC Your Voice has engaged with individuals in their 20s and 30s to assess their current financial situations and their sentiments regarding future economic prospects.
Andrew Hall, 24, who works as a bartender and waiter in Guildford, Surrey, reports facing challenges in covering his monthly expenses.
Despite being contracted for eight hours, he often works between 30 and 50 hours per week. However, he notes that shifts are frequently delayed or cancelled with minimal notice.
“On one occasion, I worked a shift from 3pm to 2am, only to be scheduled for another shift at 10am the same day.
“Just three minutes before 10am, I received a call requesting that I start an hour later due to low traffic. After a half-hour commute, my six-hour shift was reduced to five,” he recounts.
Hall resides in a shared house, where his rent has increased from £600 to £750 per month over the past three years. He has previously utilized payday advance apps to access his wages ahead of schedule.
He managed to save approximately £2,000 last year, but has already spent half of it to compensate for reduced working hours this January.
Initially aspiring to advance within the hospitality sector, he has now “given up” on the industry, deeming the stress unwarranted. He intends to pursue university education “to further myself in that direction.”
Jack Wood, 24, a technical operator for a sports media company in Salford, attributes his and his girlfriend’s first home purchase to lower interest rates.
Since Labour assumed power, the Bank of England’s interest rate, which influences borrowing costs like mortgage rates, has decreased from 5.25% to 3.75%.
While the Bank operates independently, Reeves has asserted that the rate cuts were facilitated by Labour’s efforts in “restoring stability.”
“I feel like buying a house happened much sooner than I anticipated,” says Wood.
He acknowledges the advantage of residing at home, paying between £100 and £200 in monthly rent from his £31,500 salary.
Having maximized contributions to a Lifetime Isa, he admits to subsisting on instant noodles during certain weeks to avoid incurring withdrawal penalties, a feature of the product that has generated controversy.
He believes he benefited from the timing of his home purchase, as Reeves announced plans last year to replace the Lifetime Isa with a “new, simpler” product for first-time buyers, as well as reducing the annual contribution limit for cash Isas.
Susan Nasser works as a hostess, greeting shoppers at the Bicester Village luxury outlet shopping center and providing assistance. She is also contracted by brands for pop-up shops, distributing promotional materials.
The 27-year-old is employed on a zero-hours basis, leading to significant income fluctuations. Her monthly earnings range from £800 to £2,000.
She shares a flat with friends in Roehampton, south-west London, at a monthly cost of £1,100, making her variable income a challenge.
“You get the money, [but] there’s no sick pay, there’s no holiday pay, there’s no consistency,” she told the BBC, adding that employers can cancel some or all of her work at short notice.
Nasser initially valued the flexibility of zero-hours work, which she pursued alongside a full-time position at a financial services firm, but now feels “stuck in a cycle.”
She expresses hope that the government will proceed with the Employment Rights Act, which will guarantee workers a minimum number of hours from 2027.
Ivy Morris, a 32-year-old mother of three from Hinckley, Leicestershire, receives the personal independence payment for various disabilities affecting her mobility, as well as universal credit. She resides with her partner, who serves as her full-time caregiver.
Her monthly benefit payments total approximately £1,500 after deducting her £400 rent, and she anticipates an increase of around £70 upon the lifting of the two-child benefit cap — a measure she supports.
Despite the increase, she expects to continue relying on her local food bank.
Morris, formerly a waitress who had to discontinue working due to mobility issues, is currently enrolled in online learning courses. She expresses a desire to return to work but feels “caught in a benefits trap.”
“I would much rather be working, but it’s not feasible given the cost of childcare,” she stated.
Qasim Shah, from Birmingham, was recently made redundant during a Level 3 apprenticeship as an accounts assistant at a telecommunications firm. He remains enrolled in the qualification component of the apprenticeship and is scheduled to take exams later this year.
The 21-year-old lives with his parents and previously worked in his family’s small supermarket before commencing his apprenticeship.
He had intended to progress to a Level 7 apprenticeship, equivalent to a master’s degree, but states that the government’s decision to reduce public funding for those aged 22 and over has altered his plans.
Shah advocates for increased government efforts to encourage school leavers to pursue apprenticeships — a priority announced by the prime minister at last year’s Labour conference — and to expand the availability of apprenticeship opportunities.
Additional reporting by Emer Moreau
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