Chancellor Jeremy Hunt announced to the House of Commons the highly anticipated Autumn Statement on 17th August 2022.
Want to know more? Read our quick glance summary of all the key points.
Autumn Statement 2022
Taxation and Wages
- Stamp duty cuts announced in the Mini Budget will remain but only until 31st March 2025.
- Social housing rent increase will be capped at 7% versus what could have been a rise of 11%.
- The minimum wage is to increase from £9.50 to £10.42 an hour from April 2023 for people aged over 23.
- There will additional financial support for pensioners, disabled people and those on lower incomes.
- Universal credit and state pension payments will rise in line with inflation.
- Tax rise for higher earners where the 45% income tax rate will be paid on earnings over £125,140 instead of the current £150,000.
- Higher council tax increase by allowing local councils in England to make increases of up to 5% a year instead of the current 3%.
- Road tax for electric cars, motorcycles and vans will be introduced from April 2025.
- Household energy price cap to help people pay their energy bills will continue but it will be less generous. Typical bills will be capped at £3000 a year instead of £2500.
- There will be additional support payments to those who receive benefits.
- The windfall tax is increased on profits from oil and gas firms from 25% to 35%.
- Schools will receive an additional £2.3 billion next year and the year after.
- The NHS budget will increase by £3.3 billion in each of the next two years.
- Defence spending will be maintained at 2%.
For more information, follow the link to the BBC: Autumn Statement 2022