In the Autumn Statement today, The Chancellor laid out the economic and fiscal plan to address the key challenges our country is facing.
The Government taken strong and decisive action, and has made the difficult decisions necessary to guide our country and economy through the global challenges we are facing.
Some key announcements include:
- More money for the NHS, Schools and Social Care, an increase of £11bn in funding over the next 2 years.
- Benefits increasing in line with inflation, by 10.1%.
- Pension triple lock confirmed.
- Energy Price Guarantee extended from April 2023 to April 2024.
- £12bn extra to support most vulnerable, including £900 for households on means tested benefits, £300 for pensioners, and £150 for those with disabilities.
- Increasing National Living wage by 9% to £10.42, raising annual incomes for lower earners by £1,600.
- Social Housing rent increases frozen below inflation.
These increases in public spending will be funded through:
- An increase in the energy levy on oil and gas companies, from 25% to 35% and a new levy placed on electricity generators.
- Reducing the threshold for the 45p tax rate from £150,000 to £125,140.
- Freezing the tax-free allowance for income tax for the next two years.
- Cutting the thresholds for capital gains tax, inheritance tax, and dividend tax.
