How does Autumn Statement impact your income? Use this calculator to find out
The Autumn Statement landed yesterday , but millions of people around the country will be wondering what the real world impact will be on their finances. Although there were a few sops with cost of living payments, the UK is facing the biggest tax burden for many years - and headlines this morning reflected the grim nature of what Brits can expect, including ‘you’ve never had it so bad.’
Jeremy Hunt told the Commons yesterday that as of April 2023, the Minimum Wage will rise by 9.7 per cent - coming as a much-needed boost for around two million low-paid workers. The National Living Wage, which currently sits at £9.50 per hour for those aged 23 and over, will be raised by 92p to £10.42 from April next year.The minimum wage per hour paid to those between 21 and 22 will rise from £9.18 to £10.18. Also, from £6.83 to £7.
Our calculator below shows how the Minimum Wage is set to change. As well as how much more you could potentially end up forking out on energy bills. Mr Hunt said the Government will fulfil its pledge to protect the triple lock, meaning that the state pension will increase in line with inflation. The full new state pension is currently £185.15 per week – so a 10.1 per cent increase would push that figure up to £203.85.
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