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Autumn Statement - 'stability, growth, and public services'

Jeremy Hunt has today unveiled his Autumn Statement in full by beginning with a statement that states, ‘to be British, is to be compassionate’. He stated that the government needs to be honest about the challenges and fair with the solutions.

The statement, he says, was all about ‘stability, growth, and public services

Here we have a snapshot of the main announcements in today’s statement which may affect you.

  • The ultimate stealth tax will rake in billions as a four-year freeze on income tax allowances and thresholds is extended to six years. The basic rate threshold will stay at £12,571 until 2028, while the starting point for 40p tax will be held at £50,271.

  • The threshold for the top rate of tax (45p) is being lowered from £150,000 to £125,140.

  • The £12,300 tax-free allowance for capital gains tax is set to be halved to around £6,000 next year and £3,000 from April 2024.

  • The annual £20,000 limit for ISA savings will be frozen.

  • The tax-free allowance on dividends will be lowered from £2,000 to £1,000 next year and to £500 from April 2024.

  • Electric vehicles will no longer be exempt from vehicle excise duty from April 2025. He added that company car tax rates would remain lower for electric cars.

  • ​Stamp duty levels to remain until 31st March 2025 after which he will introduce a ‘sunset measure’

  • There will be an increase in the National Living Wage from the current level of £9.50 an hour for over-23s to £10.42 from April 2023.

  • Over 600,000 more people on universal credit to meet with a work coach "so they can get the support they need to increase their work hours or earnings."

  • Another £280m will be invested to help the Department of Work and Pensions to crack down on benefit fraud and errors in the next two years.

  • The government's review on the pension age will also be published in early 2023.

  • Help for energy bills will be extended, but it will be less generous. Millions of households will see their energy bills go up by hundreds of pounds a year from April. A household using a typical amount of gas and electricity will pay £3,000 annually, up from £2,500, as the Energy Price Guarantee rises. The scheme will run for 12 months from April. But extra payments are also coming: £900 for those on means-tested benefits, £300 for pensioner households and £150 for those on disability benefits.

  • Means-tested benefits, including Universal Credit, will also rise in line with September’s inflation figure of 10.1% from next April, in-keeping with previous promises by Rishi Sunak when he was chancellor.

Are you happy with Jeremy Hunt’s Budget?

  • Yes

  • No

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