The Chancellor announced targeted payments to help with the cost of living. The national wage will jump from £9.50 to £10.42 an hour from April; help for energy bills will be extended, but less generous. There will be cost of living support for pensioners, the disabled, and those on low incomes. Means-tested benefits, including Universal Credit, and pensions will rise in line with inflation. Social sector rent rises will be capped at 7% in the next financial year. However, the cap on social care costs due next October will be delayed by two years. A ‘temporary’ 45% tax on companies generating electricity will be applied from January, and windfall taxes on oil and gas company’s profits will increase from 25% to 35% and extend until 2028. The NHS budget will increase in each of the next two years by an extra £3.3bn, and schools will receive £2.3bn extra in 2023 and 2024.
Autumn Statement: protecting the poorestWritten by David Fletcher 17 Nov 2022
- Pray: for the many people facing the rising costs of energy and food to be adequately helped by the latest budget, and financial projections designed to tackle escalating prices. (Proverbs 19:17)
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