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Families are struggling': Britons react to Rishi Sunak's 2021 budget

We ask people about what measures on furlough, universal credit, property and more will mean for them
The coronavirus crisis has hit household finances after Covid restrictions froze key parts of the British economy. Wednesday’s budget included measures designed to help first-time buyers and the self-employed, and news that a temporary increase in universal credit would be extended. We spoke to people about what it would mean for them and their families.
Public sector worker: ‘There’s not a lot there for someone like myself’
Mumtaz Khan, a social worker who lives in the London borough of Newham, says that on a daily basis she observed the “devastation” that the pandemic has wrought on many families.
On a Saturday morning in Newham there are some voluntary food banks, and it’s a really sad thing to see the long queues of children and families waiting to get a food pack,” she says.
Khan, who works in the London borough of Waltham Forest and is also a councillor in Newham, had been anxiously awaiting the budget, both in terms of its impact on the local community and also how it would affect her personally. She is married with a grown-up son and daughter who have left home. “Both have lost jobs during Covid. They were both in retail and hospitality,” she says.
She says that although the government had confirmed it was extending the furlough scheme until the end of September, “some companies are simply closing up”.
She says she was happy to hear that the £20-a-week uplift in universal credit was being extended for six months, but adds: “Families are struggling to budget with the little that they have – I see that on a daily basis.”
Khan said she was pleased about the announcement of an extra £19m for domestic violence programmes, but adds: “Apart from that, I have to say there’s not a lot there for someone like myself, for the people of Newham, for people struggling to feed their children.” Rupert Jones
First-time buyers: ‘We’re not just going to go for it on 1 April’
Jess La-Haye, 26, and her husband Jack, 27, have been saving to buy a home for three years. In January 2020, they started their house hunt and used a mortgage broker to see how much they could borrow. “We saw a property we quite liked so we got a mortgage in principle saying that we borrow 95%,” says Jess. “And then Covid hit.” The pandemic caused lenders to set lower limits on mortgages. “We heard there were still 95% mortgages, but they involved your parents putting money into an account, and ours aren’t in the position to do that,” she says.
The couple had budgeted £220,000 to £230,000 to spend on a home in Kent, so the withdrawal of 95% mortgages left them with another £11,500 to find to achieve a 10% deposit. Over the past year, their rent has gone up and they have had to dip into their savings for unexpected expenses, including car problems. But they have been fortunate enough to work throughout – Jess in social housing and Jack for a supermarket warehouse.
The return of low-deposit mortgages through the government’s guarantee scheme was welcomed by the couple. But Jess says they will need to see the detail. “We’re not just going to go for it on 1 April – I know getting a mortgage has been quite difficult and we need to see if lenders are still being very strict,” she says. “It does feel like prices are going up – I have looked this week to see what was about and there’s not much in our price range now. It feels like you’re constantly catching up.” Hilary Osborne
Like most people in the hospitality sector, Anne Francis’s B&B business has been affected by Covid restrictions. The 62-year-old, who started Homestay Norwich eight years ago, says business has been down 80% compared with previous years when she might take up to £5,000 a month during the busy summer season.
Francis has been making ends meet by using the B&B’s accredited kitchen to make vegetarian food and beverage products for local companies. She was also able to receive help from the government’s SEISS grant and applied for every stage of the scheme. The announcement that support for the self-employed will continue until September is a relief for Francis, who will not be able to reopen the B&B until 17 May at the earliest.
The £5bn in government grants for businesses in retail, hospitality, accommodation, leisure and personal care will also be a huge help. Francis was able to access £2,500 in previous government funding distributed by her local authority and hopes this new money will give her the boost she needs to restart the B&B in the summer.
“I went from a decent income for a single person at this stage of life to nothing,” she says. “I am doing piecemeal work at the moment, making about £400-£500 a week, which is fantastic, but there is absolutely no security in it and it could stop at a moment’s notice. The grants have therefore been absolutely vital.” Matthew Jenkin
Kim Bills, 45, a single mother of six, who lives in Liverpool, is relieved that the £20 a week uplift in universal credit will not be reduced in the coming months. “It’s a lifeline for me. I tuned out of the budget after hearing that,” she says.
She works as a full-time carer for her disabled son and autistic daughter so receives a carer’s allowance at £67 a week and disability living allowance at £333 a month.
Despite five of her children living under one roof, she is able to live within her family’s means of £2,254 a month. “I’m spending the money wisely, getting what the kids need, what the family needs, what the house needs.”
As soon as the money goes into Bills’ bank account every month, she pays her rent of £320. “I can sort out what’s important, what’s not important,” she says.
She has found it much easier managing the family’s finances now she is in charge of them after splitting up with her ex-husband in November.
“My kids are the most important thing to me so I make the finances work,” she says. Lucy Mansfield
source: Hilary Osborne
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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