The Autumn Budget is done and dusted – and as a result some of us will have more money in our pockets, while others will have considerably less. Find out how it will affect you below
Rishi Sunak set out his plans for a “new economy” in his Autumn Budget today – as the government hopes to level up Britain post Covid.
His latest measures include a major change in the Universal Credit taper rate and an increase in the minimum wage come amid the introduction a new 1.25% Health and Social Care tax.
But it will bring little relief for 6million people that took a £20-a-week hit on Universal Credit this month and those who saw their energy bills rise £139 on October 1.
The Chancellor also warned inflation could top 4% by the end of this year as the cost of living continues to soar, sending more shockwaves through households.
It means millions of households could see everyday items from the cost of a Christmas turkey to water bills and the cost of clothing surge with the cost of living.
Meanwhile, pensioners, who were hoping for a U-turn on the decision to axe the triple lock got no mention in the statement.
Instead, pay will rise by £4 to £5.50 a week for those on the full state pension – but is that enough to cover a TV licence bill and winter combined?
Elsewhere, there were also no measures to protect those from a 250% increase in energy bills – a move that will see some pay an extra £300 a year, on top of the £139 increase – next year.
Households were hoping for relief in the form of a VAT discount or an increase in the warm home discount – however, these have been written off.
But in a silver lining, Prosecco prices are falling – as tax is bring streamlined across alcohol.
Beer prices won’t rise next year – tax rise – however, from 2023, whisky and vodka will rise.
Find out how the Budget affects you below with our calculator
But what does all that mean for your pay packet and bank balance?
Simply fill in your details in the form below to find out.
Autumn Budget tax calculator