2024 has been a monumental year for UK politics. In July, the Labour party won the general election by a landslide, putting an end to 14 years of Conservative governments. And, since Keir Starmer’s party took power over the summer, Labour has said it will “kickstart a real process of lasting change” – but what does that mean for our finances?

The answer to this will become clearer today as Rachel Reeves, the chancellor, announces her budget to parliament on 30 October. While we’re yet to see what the budget will bring in full, various sources have said the chancellor is looking to make tax rises and spending cuts to the value of £40 billion, leaving some people worried about how this will be funded and whether it could mean an increase in taxes or losing access to certain services if cuts are made. 

Some announcements have already been made ahead of time. Winter fuel payments will only be made to those getting pension credit or other means-tested help, the state pension is set to rise by 4% in April 2025, VAT will be added to private school fees and the bus fare cap across the UK is set to rise from £2 to £3. The government has also announced funding for extra NHS appointments, including for new surgical hubs, scanners and radiotherapy machines.

Ahead of the budget, Stylist asked 14 women how they’re feeling about their finances. We wanted to hear all about what they’re hoping Reeves will announce and what they’re worried about hearing. Here’s what they told us.

“As a first-time buyer, the thing that concerns me the most about the budget is the higher threshold of stamp duty not being extended beyond March 2025. If stamp duty for first-time buyers returns to £300,000 after this time, it would really affect London property and put my dreams of a first home out of reach. With house prices so high in the first place, this extra expense would mean many people couldn’t afford their overall living conditions.”

Megan, 25

“I’m worried about how the budget is going to affect my pension. If the government changes the way it taxes pensions, either by limiting the tax-free lump sum you can take at retirement or limiting tax relief on employers’ pension contributions, I worry this would make the difference between having a comfortable retirement or a difficult one.”

Tina, 66

“As a single mum, I would be extremely worried if the government withdrew any of the free childcare hours that the last government rolled out (although I do think that’s unlikely). I’m just about to lose my single-person council tax discount because my partner is moving in, so I hope that I won’t face any more financial losses after today’s announcement.”

Ella*, 32

“Ever since I moved to London a couple of years ago, all I think about is my rent. It’s a constant. I couldn’t believe how much it costs to rent in a house share in this city, and it’s only got worse. Around a third of my salary goes towards rent (and this doesn’t include household bills) and with stagnant salaries across so many industries and rising rents, I don’t know how much longer I can afford to live in my current home. I’m really hoping we see rent controls – or even a rent freeze – in the budget as this would help me and so many other people to make ends meet in the current economy.”

Shahed, 30

“The government’s increase on the cap for bus fares will likely have the biggest impact my own day-to-day, but it’s this combined with some of the other economic policies Labour has announced since taking office that worry me the most for the country as a whole. From ruling out getting rid of the two-child benefit to scrapping the winter fuel allowance, these kinds of economic policies will make some of the county’s most squeezed people feel even worse off.”

Holly, 25

“In today’s budget, I want Rachel Reeves to leave capital gains tax alone. The same goes for inheritance tax, too.”

Margaret, 71

“I’m not too fussed about what they do on tax thresholds as I’m already in the top bracket. Instead, I’m interested to see what they do with pensions. Overall, I’m OK with some tax increases if it means there’s no more austerity, as that’s what affects real people and services, which are already spread crazy thin and struggling in the places that need them the most. I basically want the government to do right by the people who need funding the most – even if it’s at my expense. I don’t want to have to hear about pensioners not being able to afford a pint of milk again or kids not being able to eat.”

Liv, 31

“I would love to see some measures put in place to help young people struggling to make ends meet. As a minimum wage worker, I find it a struggle to build up any amount of savings, and the current wage I’m on just doesn’t come anywhere close to covering the cost of living at the moment. I’d like to see the national minimum wage increase again.”

Eloise*, 26

“As a nurse, I’m really hoping to see more investment in our NHS. While some measures have already been discussed (like funding for extra appointments) we still need more investment in our health services. We provide a precious resource that so many are reliant on.”

Sylvia*, 55

“I take the bus to work two to three times a week and having the £2 bus fare cap has been such a life saver. It’s saved me so much money in the long run, especially when a day ticket can reach up to £5. I’m so frustrated with the news that this fare cap will rise to £3 now and it’s something I’ll definitely notice in my monthly spending. ”

Naseeb, 28

“I’m just concerned about general affordability of everything and what impact this could have on our family after today. My husband and I already really struggle to afford childcare for our two children – I’ve had to cut down my working hours because of it. So I just hope this budget makes life financially easier for families.”

Dee*, 37

“If the rumours are true, the government is going to increase the contribution that employers are obliged to make towards national insurance. It sounds like a good thing on the surface, but my worry is that my career progression will suffer because of it. Friends of mine at other companies have already had benefits like unlimited annual leave taken away in the run up to the budget. Will my pay be frozen? Or will my employee perks suffer because of it?”

Sophia*, 26

“With the cost of living already so extortionately high, I’m worried about even the smallest changes to my finances that might be affected today, as they feel a lot bigger than they would’ve done, say, five years ago.”

Hannah, 29

“I’ve been saving up to buy a flat with my partner for about five years, and we’re close to being able to afford it. But I’ve read that the stamp duty threshold could be coming down next spring, which is really putting the pressure on – a place could cost us thousands more after that.”

Bella, 31

*Names have been changed

Images: Getty