{"id":44096,"date":"2023-11-22T18:39:00","date_gmt":"2023-11-22T18:39:00","guid":{"rendered":"https:\/\/lethal-industry.com\/?p=44096"},"modified":"2023-11-22T18:39:00","modified_gmt":"2023-11-22T18:39:00","slug":"autumn-statement-winners-and-losers-what-it-means-for-you","status":"publish","type":"post","link":"https:\/\/lethal-industry.com\/world-news\/autumn-statement-winners-and-losers-what-it-means-for-you\/","title":{"rendered":"Autumn Statement winners and losers – what it means for you"},"content":{"rendered":"

<\/p>\n

Following the Chancellor’s Autumn Statement today, we explain who can make financial gains, and who is most hit.<\/p>\n

Drinkers, benefits claimants and pensioners are among the winners in today’s speech.<\/p>\n

Jeremy Hunt vowed to “reduce debt, cut taxes and reward work” as he unveiled a package aimed at helping low-income Britons save money, as well as charging up the economy.<\/p>\n

Winners<\/h2>\n

Millions of workers<\/h3>\n

While income tax rates were left unchanged, Mr Hunt announced a two percent cut to National Insurance.<\/p>\n

<\/p>\n

Employees will pay 10 percent instead of 12 percent from January 6, 2024.<\/p>\n

The Chancellor estimated 27 million people to benefit, with someone earning the average wage of \u00a335,000 saving \u00a3450 a year.<\/p>\n

Self-employed Britons will also see tax cuts. The Chancellor said he is making reforms to the way NI is paid to save around 2 million people an average of \u00a3350 per year.<\/p>\n

He said he is abolishing Class 2 national insurance – which he says saves \u00a3192 a year – for the self-employed. Meanwhile, Class 4 national insurance will be cut from nine percent to eight percent on earnings between \u00a312,570 and \u00a350,270.<\/p>\n

Benefit Claimants<\/h3>\n

Millions of households on benefits, including Universal Credit, will get a payment boost worth up to \u00a3470 next year.<\/p>\n

Jeremy Hunt has confirmed that benefit payments will increase in line with September’s inflation rate – 6.7 percent.<\/p>\n

<\/p>\n

State pensioners<\/h3>\n

The chancellor honoured the triple lock promise meaning pensions are expected to rise by 8.5percent, in line with the normal measure of earnings.<\/p>\n

The full new state pension should therefore increase to \u00a3203.85 a week to \u00a3221.20, or \u00a311,502 a year.<\/p>\n

Low-income earners<\/h3>\n

The National Living Wage is set to rise to \u00a311.44 per hour from April next year.<\/p>\n

It is currently \u00a310.42 an hour for workers over 23. Mr Hunt is expected to announce that the rate will also apply to 21 and 22-year-olds for the first time.<\/p>\n

It means a full-time worker aged 23 on the minimum wage would receive a rise of \u00a31,800 a year. A 21-year-old would see an effective \u00a32,300 annual rise.<\/p>\n

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