Chancellor Jeremy Hunt proudly declared that his Autumn Statement contained 110 measures. Among the tax cuts and a state pension boost, low-income households will be pleased to know there were also some announcements that should help their money go further.
However, welfare payments could be at risk for some people under new plans to encourage the long-term unemployed to take jobs.
We outline the benefit changes and the rise in the minimum wage, plus what help is available for renters and parents.
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Each April, the government makes inflation-linked changes to tax credits and benefits, usually in line with September’s CPI inflation figure.
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Despite rumours that the government could use October’s CPI figure instead, which was lower (4.6% versus 6.7%), Hunt confirmed in his speech that September’s 6.7% figure will be used to uprate benefits.
This means disability benefits (which are inflation-linked by law) and Universal Credit will receive the full 6.7% boost in April 2024, adding around 470 on average in 2024-25 for 5.5 million households, according to the Treasury.
From April 2024, the National Living Wage will rise by 9.8%, from 10.42 an hour to 11.44.
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