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UK households ‘to lose £1,900’ after Jeremy Hunt’s autumn statement

HAYSIEHAYSIE Member Posts: 35,564
edited November 2023 in The Rail
Autumn statement at a glance: What measures did the Government announce?



– National insurance

Employee national insurance will be cut from 12% to 10% from January 6.

Two million self-employed will benefit from the axing of class two national insurance and a cut to class four national insurance to 8%, Mr Hunt said, which he said will save them about £350 a year.
But it comes after Mr Hunt froze thresholds for income tax, meaning that “fiscal drag” has meant that as people’s earnings have increased they have either been brought into tax for the first time or moved into higher bands.

– Tighter welfare rules

Welfare recipients who do not get a job within 18 months will be forced to take on work experience under plans to get more people into employment, the Government had already announced.
Those who do not comply will have their benefits, including access to free prescriptions and legal aid, cut off.

– Universal credit increase

The Government chose to raise universal credit by September’s 6.7% rate of inflation, despite speculation it could have based the increase on October’s lower rate of 4.6% to save money.

– Business rates

The standard multiplier for rates on high-value properties will increase in line with inflation, while the small business multiplier will freeze for a further year. The 75% rates discount for retail, hospitality and leisure will all be extended for another year.

– Pensions

Pensions will be increased by 8.5% in line with average earnings to £221 a week from April, maintaining the so-called “triple-lock” policy whereby the amount paid is whichever is highest out of average earnings growth, Consumer Price Index (CPI) inflation or 2.5%.

Savers could be given the right to pick the pension scheme their employer pays into, similar to the approach taken by countries like Australia, under proposals being put out to consultation.

A £320 million plan to help unlock pension fund investment for technology and science schemes was also announced.

– Minimum wage

The national living wage will rise by £1.02 to £11.44 from April, with the policy extended to cover workers aged 21 and over for the first time rather than 23 and over.

It means the lowest paid will receive a boost of £1,800 a year.

– Full expensing

Full expensing – a scheme allowing companies to offset investment in machinery and equipment against their tax bills – will be made permanent, Mr Hunt said.

– Alcohol and tobacco duty

Alcohol duty will be frozen until August 1 2024, meaning no increase in duty on beer, cider, wine or spirits, but duty on hand-rolling tobacco will rise by 10%.

– Local housing allowance

The three-year freeze on the local housing allowance will end, Mr Hunt said. The Chancellor will increase the rate to 30% of local market rents, which he says will give 1.6 million households an average of £800 of support next year.

– NatWest

The Government is considering selling shares in NatWest to the general public in the coming year as it moves to offload its stake in the British bank, presenting the move as a way to get more people saving and investing.

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https://www.msn.com/en-gb/money/other/autumn-statement-at-a-glance-which-measures-were-announced-by-the-government/ar-AA1klR1V?ocid=msedgntp&cvid=81133e7756964c0cbde0719ddedae802&ei=83
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Comments

  • HAYSIEHAYSIE Member Posts: 35,564
    I dont gain from the cut in NICs, because as a pensioner, I dont pay any.
    I am better off as a result of the pension increase.
    Although I wont see the increase in full.
    I have some additional income, which I obviously pay income tax on.
    The state pension increase will take me closer to the income tax threshold.
    So the state pension increase will mean that I will pay more tax on the additional income.
    I have calculated that an 8.5% increase on my state pension, will take it up to £12,271 annually.
    The income tax threshold is currently £12,570.
    So unless the Chancellor increases the threshold, my state pension will qualify for income tax from 2025.
  • Tikay10Tikay10 Member, Administrator, Moderator Posts: 168,856

    – Tighter welfare rules

    Welfare recipients who do not get a job within 18 months will be forced to take on work experience under plans to get more people into employment, the Government had already announced.



    I really can't see that working although in principle, I think it's a good thing.

    You can take a horse to water & all that. If a shyster doers not want to work, they won't. They are barely going to last a day in Work Experience, as Employers will want him/her off the premises before they disenchant everyone else.

    Malingerers gonna malinger, they just are.
  • DoublemeDoubleme Member Posts: 2,067
    I could have a lot to say on many things but this person says a lot very well indeed been listening to that.


    https://www.youtube.com/watch?v=3XqirKKpCpg
  • HAYSIEHAYSIE Member Posts: 35,564
    Doubleme said:

    I could have a lot to say on many things but this person says a lot very well indeed been listening to that.


    https://www.youtube.com/watch?v=3XqirKKpCpg

    This person.
  • HAYSIEHAYSIE Member Posts: 35,564
    Tikay10 said:


    – Tighter welfare rules

    Welfare recipients who do not get a job within 18 months will be forced to take on work experience under plans to get more people into employment, the Government had already announced.



    I really can't see that working although in principle, I think it's a good thing.

    You can take a horse to water & all that. If a shyster doers not want to work, they won't. They are barely going to last a day in Work Experience, as Employers will want him/her off the premises before they disenchant everyone else.

    Malingerers gonna malinger, they just are.

    They should probably hand those that are disruptive over to the Army.
  • lucy4lucy4 Member Posts: 7,841
    Without going into too much personal detail, here's my view on the new rules for Universal Credit. I have a 61 year old family member who is classed as disabled with heart problems (operations performed), COPD sufferer & other health problems. Under the new UC rules they will now be forced to and I quote Laura Trott, chief secretary to the Treasury, "Do Their Duty" to support the country. The Tories keep 'Trotting' (see what I done there) out that they are the compassionate caring party, how the **** can they live up to that claim when they continue to punish the most needy and vulnerable people in our society.
  • HAYSIEHAYSIE Member Posts: 35,564
    lucy4 said:

    Without going into too much personal detail, here's my view on the new rules for Universal Credit. I have a 61 year old family member who is classed as disabled with heart problems (operations performed), COPD sufferer & other health problems. Under the new UC rules they will now be forced to and I quote Laura Trott, chief secretary to the Treasury, "Do Their Duty" to support the country. The Tories keep 'Trotting' (see what I done there) out that they are the compassionate caring party, how the **** can they live up to that claim when they continue to punish the most needy and vulnerable people in our society.

    They havent got a clue.
  • DoublemeDoubleme Member Posts: 2,067
    Tikay10 said:


    – Tighter welfare rules

    Welfare recipients who do not get a job within 18 months will be forced to take on work experience under plans to get more people into employment, the Government had already announced.



    I really can't see that working although in principle, I think it's a good thing.

    You can take a horse to water & all that. If a shyster doers not want to work, they won't. They are barely going to last a day in Work Experience, as Employers will want him/her off the premises before they disenchant everyone else.

    Malingerers gonna malinger, they just are.

    working in many kitchens I have often heard head chefs say about apprenticeship workers they are crud (they normally use more foul terms I wouldn't be allowed to repeat on these forums) but they are basically free so we will keep them on etc.
    before I continue would like to stress have seen many very hard working and decent apprenticeship workers my point is not that apprenticeship workers are good or bad this depends on the individual just more about lowering workers ability to get a higher wage.

    When you send people workers that are free or even that the companies get paid to take on then you have those positions taken from workers who would expect an hourly wage. Its hard to ask for a decent wage when they can have other people do the same job for effectively free.
    Working in kitchens they try to cut the work to the bare minimum so that workers are over stressed and over worked to save whatever small pennies they can.
    if they can choose to employ an an 18 year old on £7.49 or a 24 year old on £10.42 then effectively the 18 year old only has to be 72% as effective,
    when working as a kitchen porter I have generally been almost twice as effective as the average kitchen porter that isn't just a hyperbolic statement I have actually worked it out based on work volume finishing times and the likes.
    How does that matter though when they can get paid to take workers on let alone pay the workers? I am sure most kitchens I have worked in would rather have two apprenticeship workers or better yet two work experience workers then myself.

  • EssexphilEssexphil Member Posts: 8,668
    I think the Government statement boils down to this:-

    1. We are now only spending £11 for every £9 we "earn"
    2. £1 of every £9 we "earn" is spent on interest on the massive amount we owe
    3. It is clearly prudent to celebrate our massive achievement in managing to owe over 100% of our GDP by tax giveaways
    4. So vote Conservative
    5. Please
  • lucy4lucy4 Member Posts: 7,841
    Malingerers and shyster's should unite...
  • lucy4lucy4 Member Posts: 7,841
    Just to add to this debate, the person I'm talking about currently needs 9 different prescriptions per month to control their conditions but they will now be barred from obtaining them. Caring Compassionate Conservatives in action...
  • green_beergreen_beer Member Posts: 1,936
    lucy4 said:

    Just to add to this debate, the person I'm talking about currently needs 9 different prescriptions per month to control their conditions but they will now be barred from obtaining them. Caring Compassionate Conservatives in action...

    folk like that shouldnt be on UC, they should be on the sick.
  • lucy4lucy4 Member Posts: 7,841

    lucy4 said:

    Just to add to this debate, the person I'm talking about currently needs 9 different prescriptions per month to control their conditions but they will now be barred from obtaining them. Caring Compassionate Conservatives in action...

    folk like that shouldnt be on UC, they should be on the sick.
    "On the sick" will not exist anymore under the new rules as they've got to 'Do Their Duty' and contribute to the economy or lose their benefits and associated 'Freebies'.
  • green_beergreen_beer Member Posts: 1,936
    edited November 2023
    lucy4 said:

    lucy4 said:

    Just to add to this debate, the person I'm talking about currently needs 9 different prescriptions per month to control their conditions but they will now be barred from obtaining them. Caring Compassionate Conservatives in action...

    folk like that shouldnt be on UC, they should be on the sick.
    "On the sick" will not exist anymore under the new rules as they've got to 'Do Their Duty' and contribute to the economy or lose their benefits and associated 'Freebies'.
    there will always be "the sick", we the public would not allow them to remove the saftey net completely imo........doing so would be an equivalent of murder.....like how are you going to get an autistic person who has a learning disability to comply with rules, or a person with schizophrenia to take calls or respond coherently when they are suffering psychosis.........
  • lucy4lucy4 Member Posts: 7,841

    lucy4 said:

    lucy4 said:

    Just to add to this debate, the person I'm talking about currently needs 9 different prescriptions per month to control their conditions but they will now be barred from obtaining them. Caring Compassionate Conservatives in action...

    folk like that shouldnt be on UC, they should be on the sick.
    "On the sick" will not exist anymore under the new rules as they've got to 'Do Their Duty' and contribute to the economy or lose their benefits and associated 'Freebies'.
    there will always be "the sick", we the public would not allow them to remove the saftey net completely imo........doing so would be an equivalent of murder.....like how are you going to get an autistic person who has a learning disability to comply with rules, or a person with schizophrenia to take calls or respond coherently when they are suffering psychosis.........
    You'd be surprised once you look in to the new rules what they're actually proposing and in their own words 'Everyone is capable of doing some sort of work'. Plenty of disability/charity groups have expressed their concerns but have been ignored.
  • green_beergreen_beer Member Posts: 1,936
    lucy4 said:

    lucy4 said:

    lucy4 said:

    Just to add to this debate, the person I'm talking about currently needs 9 different prescriptions per month to control their conditions but they will now be barred from obtaining them. Caring Compassionate Conservatives in action...

    folk like that shouldnt be on UC, they should be on the sick.
    "On the sick" will not exist anymore under the new rules as they've got to 'Do Their Duty' and contribute to the economy or lose their benefits and associated 'Freebies'.
    there will always be "the sick", we the public would not allow them to remove the saftey net completely imo........doing so would be an equivalent of murder.....like how are you going to get an autistic person who has a learning disability to comply with rules, or a person with schizophrenia to take calls or respond coherently when they are suffering psychosis.........
    You'd be surprised once you look in to the new rules what they're actually proposing and in their own words 'Everyone is capable of doing some sort of work'. Plenty of disability/charity groups have expressed their concerns but have been ignored.
    i do hear you, and i am not trying to be ar sey, i just believe there would be utter outrage if they removed it completely, could you imagine the headlines in the paper, "cancer paitent dies stacking shelves in tesco" or "multiple stroke and heart attack victim drops dead picking up litter"

    as soon as any wiff of forcing severly disabled folks into work comes to light the whole thing would be scrapped, just like liz truss was pushed and her budget instantly changed.
  • HAYSIEHAYSIE Member Posts: 35,564
  • HAYSIEHAYSIE Member Posts: 35,564
    Rishi Sunak scrapping free NHS prescriptions will ‘punish’ most vulnerable
    Chancellor Jeremy Hunt announced tighter welfare rules in the autumn statement on Wednesday.




    https://uk.yahoo.com/news/rishi-sunak-scrapping-free-nhs-prescriptions-will-punish-most-vulnerable-191349433.html
  • HAYSIEHAYSIE Member Posts: 35,564
    UK households ‘to lose £1,900’ after Jeremy Hunt’s autumn statement


    https://uk.yahoo.com/finance/news/uk-households-jeremy-hunt-autumn-statement-133858486.html
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