Savings thresholds for UC unchanged in a decade.
Campbell
Community member Posts: 2 Listener
I understand that UC is affected after £6000 in savings is exceeded.
After some research, I found that this figure is unchanged since 2014. Allowing for inflation, this figure should now be c.£7000 yet has never changed.
Is anyone aware of any review of these thresholds? If it never changes, it won't be long before £6000 is worth very little.
After some research, I found that this figure is unchanged since 2014. Allowing for inflation, this figure should now be c.£7000 yet has never changed.
Is anyone aware of any review of these thresholds? If it never changes, it won't be long before £6000 is worth very little.
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Comments
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Hey @Campbell
Just want to say that it's great to finally see someone with a similar train of thought to me...
I have been thinking about the savings limits load of times, including the fact that the £6,000 is unchanged with inflation. I have brought the subject up a few times but the consensus of this community is that £6,000 is high enough - I assume because for many claimants people £6,000 is a pipe dream so they don't like the idea of supporting those who are fortunate to be able to save up
A couple of comparisons though, in Australia the limit is up to A$250,000 and in Ireland I believe it's €50,000
I guess in lots of countries they like the idea of people saving up for things like a house, and ultimately saving the government money in housing benefit and stuff
Here they encourage you to burn up savings unnecessarily, which I suppose does have advantages as it boosts the economy...0 -
The capital limits have been in place for much longer than 2014. They’ve actually been the same for decades. This applies to all means tested working age benefits. https://publications.parliament.uk/pa/cm200607/cmselect/cmworpen/463/46308.htmThe lower limit in £6,000 and then there’s a deduction of £4.35/month for every £250 or part thereof over that amount. Over £16,000 and entitlement ends.To be honest I can’t see that changing anytime soon. Do also remember that if you received any cost of living payments they are disregarded indefinitely.0
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