17 November 2022
Chancellor Jeremy Hunt delivered his autumn statement today, outlining around £55bn worth of tax hikes and spending cuts. Here are some of the key announcements:
- The income at which the highest earners start paying the 45% top tax rate is being lowered from £150,000 to £125,140.
- Windfall taxes paid by energy firms have been increased to 35% starting January 2023, up from the 25% already imposed.
- Energy support given by the government will remain in place but will go down starting in April. There will be extra support for the poorest. Government departments, barring the NHS, will see spending cuts in the next two years. The annual healthcare budget will increase by £3.3bn in the next two years.
- The government will also invest an additional £2.3bn per year in schools.
- As recommended by the Low Pay Commission, the government is increasing the national living wage to £10.42 in April next year.
- The state pensions will rise by 10.1% from April, in line with September's inflation rate.
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