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Autumn Statement 2022 Key Points



  • The OBR forecast inflation to be 9.1% this year, and 7.4% next year.

  • The top rate of tax for the highest earners will be brought down from £150,000 to £125,140.

  • Unemployment forecast to rise from 3.6% today, to 4.9% in 2024

  • Stamp Duty cuts announced in the Growth Plan will now end on 31 March 2025.

  • The tax free allowance for capital gains will reduce in 2023-24 from £12,300 to £6,000 and again to £3,000 in 2024-25

  • The tax free dividend allowance will be reduce to £1,000 in 2023-24, and then to £500 in 2024-25.

  • Income tax personal thresholds will be maintained at current levels until 2028

  • There will be an expanded windfall tax on the energy industry of 35% up from 25%

  • From 2025 road tax will be introduced for electric vehicles

  • The budget for schools will be increasing by £2.3bn next year & £2.3bn the year after to a total of £58.8bn

  • The budget for adult social care up to £2.8bn next year & £4.7 billion the year after

  • The budget to improve the performance of the NHS up to £3.3bn next year & £3.3 billion the year after

  • The government remains fully committed to the historic Glasgow climate pact agreed at COP26 - including a 68% reduction in emissions by 2030

  • Devolved administrations will receive £3.4 billion over the next two years. £1.5bn for Scotland, £1.2bn for Wales and £650m for Northern Ireland

  • Energy efficiency taskforce backed by £6bn in new funding established to help people save money on bills

  • Sizewell C nuclear plant in the south east of England going ahead

  • Infrastructure investment will continue with over £600bn in capital investment over the next 5 years

  • £1bn made available to extend the Household Support Fund over 2023-24. £900 to those on means-tested benefits. £300 for pensioners. £150 for those on disability benefits.

  • Working age benefits will rise by the rate of inflation at 10.1%

  • The household benefit cap to be increased from April 2023

  • Rent increases in the social rented sector capped next year, at 7%.

  • The Pensions Triple Lock and Pension Credit will be protected and rise in April 2023 by 10.1%.

  • From Spring 2023 homeowners on Universal Credit will be able to apply for Support for Mortgage Interest loans after 3 months instead of 9 months, including those in employment

  • National Living Wage will increase from £9.50 an hour for over-23s to £10.42 from April 2023

 

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