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UK households ‘to lose £1,900’ after Jeremy Hunt’s autumn statement
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.
Register now for one of the Evening Standard’s newsletters. From a daily news briefing to Homes & Property insights, plus lifestyle, going out, offers and more.
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
– 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.
Register now for one of the Evening Standard’s newsletters. From a daily news briefing to Homes & Property insights, plus lifestyle, going out, offers and more.
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
Comments
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.
– 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.
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.
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
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.
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
https://www.msn.com/en-gb/money/other/treating-the-public-as-if-they-re-stupid-liam-halligan-blasts-hunt-s-disingenuous-tax-measure-as-britons-taken-as-fools/ar-AA1knoaN?ocid=msedgntp&cvid=58a316318edb494088d2ba005faeb73a&ei=58
https://uk.yahoo.com/finance/news/uk-households-jeremy-hunt-autumn-statement-133858486.html