What Chancellor Jeremy Hunt's statement means for you
By dismantling policies from the so-called mini-budget of just a few weeks ago, Chancellor Jeremy Hunt has rewritten the prospects for your finances.This is how the latest decisions will affect you.The government's Energy Price Guarantee was originally put in place for two years - to limit the price that suppliers could charge for each unit of energy.
After that, the details will be decided by the review, and it is likely that only those with lower incomes would be supported.A cut in the basic rate of income tax - which had been promised by two chancellors this year - has been cancelled. The proposed abolition of the 45% additional rate of tax, which is paid by people who earn more than £150,000 a year, had already been ruled out.Some people are taxed on the share dividends they receive. This tax was increased in April, but was supposed to be reversed in April next year. That reversal will now be cancelled.Mortgage rates have been rising - a trend that was accelerated after the mini-budget.
The backdrop is unchanged. Inflation is still high, and the Bank is still expected to tackle that with higher interest rates. Average rates have been unchanged in recent days. Mr Hunt said that would be "difficult decisions" to come on tax and spending - but support for the most vulnerable would be prioritised.The government had been planning to repeal the changes to the rules on off-payroll working, known as IR35, which were introduced in 2017 and 2021.
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