What do you want to know about the emergency Budget?

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By Rachel Jones
Know Your Money Editor

Prime minister and leader of the Conservative Party David Cameron recently announced George Osborne as the new Chancellor of the Exchequer, replacing Labour's Alistair Darling as the man responsible for the UK's coffers.

The task to hand is massive, with the country's deficit reaching eye-watering levels, meaning tax rises and cutbacks are needed to help balance the books.

Indeed, Mr Osborne has revealed the emergency Budget will be held on Tuesday June 22nd so businesses and the public know exactly what's about to hit them.

But what would you like to find out about the coalition government's plans?

How does the Budget affect you?

According to a new survey by the Alliance Trust, Britons aged between 50 and 64 face the highest rate of inflation, standing at five per cent.

This is 35 per cent higher than the official headline rate and could be placing significant strain on the coffers of households within this age bracket.

Figures released by the firm showed the headline rate of inflation rose from 3.4 per cent to 3.7 per cent in April, with Britons aged from under 30 to 75 and over all hit by a rise.

But it is those aged between 50 and 64 who experienced the biggest increase, meaning many will have their eyes and ears on Mr Osborne as he reveals how he plans to make it that little bit easier - or even harder - for people to juggle their finances.

The lowest inflation rate rise was felt by individuals over the age of 75, according to the Alliance Trust report.

However, the biggest increase in inflation, rather than the highest rate, was experienced by Britons under the age of 30 and between 30 and 49.

It would appear no-one has escaped from climbing inflation caused by higher petrol, clothing and tobacco prices.

Commenting on the figures, Shona Dobbie, head of the Alliance Trust Research Centre, said: "These particular price moves have the greatest impact on the two working age groups that spend a larger proportion of their budgets on the goods and services which are currently seeing the highest price increases - the 30-49-year-olds and the 50-64-year-olds.

"Both these groups now face an inflation rate of at least 4.8 per cent, while average earnings, including bonuses, have grown by only 2.1 per cent over the last year. These findings highlight the ongoing erosion of purchasing power," she added.

But what about British businesses?

On hearing the announcement by the Chancellor, the Federation of Small Businesses (FSB) surveyed their members and found 93 per cent of small firms want robust plans to be outlined as to how the UK's budget deficit will be dealt with.

Two-thirds of respondents want Mr Osborne to cut fuel duty to promote growth, something members of the public would probably like to see too.

More than a third think the personal tax threshold should increase, while over 40 per cent think the extension to the Time to Pay scheme would provide a boost.

Under this, larger companies would be forced to pay invoices within 30 days, providing a boost for 46 per cent of respondents.

Members also insisted the government needs to make banks open up their doors more to smaller organisations.

National chairman of the FSB John Walker said: "There are still underlying issues between the banks and small businesses and access to finance and credit. The government must put pressure on the banks to lend to small firms so that they can get on with the job in hand."

A tax on your finances?

Tax is always at the centre of a Budget and it would appear that cash-concerned consumers are currently more worried about what their financial futures hold than their health.

In the run-up to potential tax increases to be announced by the Chancellor, a new Aviva poll has found 64 per cent of over-55s are worried about an increase in taxes over the next five years.

This is an issue deemed more worrying by Britons in this age group than serious illnesses (six per cent) and being able to finance care fees (27 per cent).

Many individuals in this age group are concerned because once retired, household budgeting has to be done around a fixed income, such as savings and pension payments, Aviva explained.

"This age group is particularly exposed to any sudden VAT increases or changes to fuel charges and this report really shows how vulnerable they feel to any sudden increases," at-retirement director for Aviva Life Clive Bolton said.

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