Here is a summary of the Autumn financial statement by the government, shared in parliament at lunchtime on 22nd November 2023. I watched it live and created this article as I listened to share immediately. All of the changes that impact on you the consumer. I will also provide a shorter summary over on my Instagram page.
And the budget speech begins
An introduction from Jeremy Hunt sharing all of the conservatives recent financial successes. Hmm I could challenge all them, lets get on with the budget.
- Inflation has halved, one of the governments big financial objectives. However mainly driven by energy prices falling. Inflation should fall to 2% target in 2025, falling to 2.8% by end of 2024.
- Benefits will increase by 6.7% inline with Sept inflation numbers in April of 2024.
- All alcohol duty frozen until August 2024.
- Pensions, the triple lock promise is honoured. Pensions will rise by 8.5% from April 2024.
- Self Employed taxes – Class 2 national insurance to be abolished, saving £1192 per year for average self-employed person. Class 4 national insurance cut by 1% to 8% from April 2024.
- Back to work plan for those with sickness issues. Those unemployed for over a year with no sickness related issues are offered a plan, benefits will be stopped if work is not sought within 18 months.
- Minimum wages increases to £11.44 an hour for those aged 21 and over, worth up to £1,800 for a full time worker.
- Cutting Taxes – National Insurance at 12% to be cut to 10%, putting £450 back into the pocket of someone earning on average £35k per year. To take effect early from January 6th 2024. Will impact 27 million people.
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