Autumn Statement – November 2023

Chancellor Jeremy Hunt has unveiled the content of his Autumn Statement in the House of Commons today.

The Autumn Statement has set out the government’s tax and spending plans for the year ahead, affecting the take-home pay and household budgets of millions of people, as well as how much will be spent on key public services.

The economy is forecast to grow slower than expected – 0.7% next year instead of the 1.8% previously forecast.

Here is a summary of the upcoming changes:-

* Main rate of National Insurance cut from 12% to 10% from 6 January, affecting 27 million people

* Legal Minimum Wage – known officially as the National Living Wage – will increase from £10.42 to £11.44 an hour from April 2024

* For the first time, this new rate will apply to 21 and 22-year-old workers, rather than just those 23 and over

For a more information please follow the link below:-