The Autumn Budget 2022!
Once again we are writing to you with regards to a new budget. Yesterday, Jeremy Hunt took to the stage and announced all the changes that are going to be taking place. Below we have made a quick summary of the key details, however if you press the red button, you can have a more in depth description of the Autumn Budget!🍂
- Benefits will rise by 10.1% from April 2023 for 10 million households.
- State pension to rise by 10.1% as the 'triple lock' is guaranteed from April 2023.
- The National Minimum Wage will rise to £10.42 an hour from April 2023.
- Major changes to the Government's energy support package have been announced.
- More one-off cost of living payments, worth up to £1,350, to come next year. This includes an extra £900 for those on means-tested benefits, an extra £300 for pensioners, and an extra £150 for those on disability benefits.
- Mortgage support has been expanded to help those struggling with repayments.
- Council tax in England is likely to rise.
- The Stamp Duty land tax announcements made in September 2022 are set to remain in place until 2025
- Income tax thresholds have been frozen until April 2028, meaning millions of workers will pay more.
- The top 45% tax threshold will be lowered, which means higher earners will pay more in income tax.
- Investors are to pay more tax as the dividend and capital gains tax-free allowances will be cut.
- Electric vehicle owners will pay road tax from April 2025.