{"id":727,"date":"2022-11-18T07:33:37","date_gmt":"2022-11-18T07:33:37","guid":{"rendered":"https:\/\/www.redstarwealth.co.uk\/blog\/?p=727"},"modified":"2022-11-18T07:33:37","modified_gmt":"2022-11-18T07:33:37","slug":"jeremy-hunts-autumn-statement","status":"publish","type":"post","link":"https:\/\/www.redstarwealth.co.uk\/blog\/jeremy-hunts-autumn-statement\/","title":{"rendered":"Jeremy Hunt&#8217;s Autumn Statement"},"content":{"rendered":"<p style=\"font-weight: 400;\">In yesterday&#8217;s Autumn statement, Hunt announced \u00a330 billion worth of spending cuts and \u00a324 billion worth of tax rises over the next 5 years. This increased taxation and cuts to government spending is aimed at rebuilding the economy after instability from the Covid pandemic, Truss and Kwarteng\u2019s failure of a mini-budget, and the ongoing war between Russia and Ukraine.<\/p>\n<h2 style=\"font-weight: 400;\">\u201cStealth Taxes\u201d<\/h2>\n<p style=\"font-weight: 400;\">Income tax\u2019s personal allowance, the main national insurance thresholds and inheritance tax thresholds have been frozen for a further two years.<\/p>\n<p style=\"font-weight: 400;\">Some members of the opposition have branded these as \u201cstealth taxes\u201d. This is because the freezes effectively means that people will have to pay more tax as wage increases (due to inflation) will push them into higher tax brackets.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-644\" src=\"https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-tara-winstead-7111489-scaled-e1668698774959-600x274.jpg\" alt=\"\" width=\"572\" height=\"261\" srcset=\"https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-tara-winstead-7111489-scaled-e1668698774959-600x274.jpg 600w, https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-tara-winstead-7111489-scaled-e1668698774959-800x366.jpg 800w, https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-tara-winstead-7111489-scaled-e1668698774959-768x351.jpg 768w, https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-tara-winstead-7111489-scaled-e1668698774959-1536x703.jpg 1536w, https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-tara-winstead-7111489-scaled-e1668698774959-2048x937.jpg 2048w\" sizes=\"(max-width: 572px) 100vw, 572px\" \/><\/p>\n<p>This payment of higher taxes alongside continuing inflation will mean the cost of living crisis will be hitting us all even harder.<\/p>\n<h2 style=\"font-weight: 400;\">Higher Rate Tax Payers<\/h2>\n<p style=\"font-weight: 400;\">Currently, those earning between \u00a350,271 and \u00a3150,000 a year fall into the higher rate income tax band of 40%. Those earning above \u00a3150,000 a year then pay the additional rate of income tax of 45%.<\/p>\n<p style=\"font-weight: 400;\">As of April 2023, this threshold will reduce from \u00a3150,000 to \u00a3125,140, meaning higher earners will be paying more tax.<\/p>\n<h2 style=\"font-weight: 400;\">Protecting the Vulnerable<\/h2>\n<p style=\"font-weight: 400;\">Hunt has announced additional cost-of-living payments for the most vulnerable:<\/p>\n<ul>\n<li style=\"font-weight: 400;\">\u00a3900 for those claiming benefits<\/li>\n<li style=\"font-weight: 400;\">\u00a3300 for pensioners<\/li>\n<li style=\"font-weight: 400;\">\u00a3150 for those on disability benefits<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">He has also introduced a cap on the increase in social rents, at a maximum of 7% in the 2023\/2024 tax year.<\/p>\n<p style=\"font-weight: 400;\">The triple lock on pensions has been maintained, meaning state pensions will increase in line with inflation. Working age and disability benefits are also to increase in line with inflation.<\/p>\n<p style=\"font-weight: 400;\">The national living wage is to increase by 9.7%, rising to \u00a310.42 in April 2023, which will benefit the lowest-paid employees in the UK.<\/p>\n<h2 style=\"font-weight: 400;\">Funding the NHS, Schools and Social Care<\/h2>\n<p style=\"font-weight: 400;\">Hunt has announced an extra \u00a32.3 billion per year to be invested in schools over the next two years.<\/p>\n<p style=\"font-weight: 400;\">He has also announced an increase in the NHS budget by an additional \u00a33.3 billion in each of the next two years.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-735\" src=\"https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-karolina-grabowska-4386467-scaled-e1668699138521-600x544.jpg\" alt=\"\" width=\"215\" height=\"195\" srcset=\"https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-karolina-grabowska-4386467-scaled-e1668699138521-600x544.jpg 600w, https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-karolina-grabowska-4386467-scaled-e1668699138521-800x725.jpg 800w, https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-karolina-grabowska-4386467-scaled-e1668699138521-768x696.jpg 768w, https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-karolina-grabowska-4386467-scaled-e1668699138521-1536x1393.jpg 1536w, https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-karolina-grabowska-4386467-scaled-e1668699138521.jpg 1696w\" sizes=\"(max-width: 215px) 100vw, 215px\" \/><\/p>\n<p style=\"font-weight: 400;\">Additionally, Hunt has allocated adult social care additional grant funding of \u00a31 billion next year and \u00a31.7 billion the year after. As well as this, the implementation of the Dilnot reforms has been delayed by two years. These reforms would cap the amount any one person in England would have to pay towards social care to \u00a386,000. Delaying this means we will have more funding for the social care sector.<\/p>\n<h2 style=\"font-weight: 400;\">Energy and Electricity<\/h2>\n<p style=\"font-weight: 400;\">In May 2022, Rishi Sunak introduced a tax as chancellor called the Energy Profits Levy. This was a 25% surcharge applied to companies profiting from extracting UK oil and gas, and was to run as a temporary levy until the end of 2025. In yesterday\u2019s Autumn statement, Hunt announced that this windfall tax will increase to 35% from January 2023 and will also stay in place for longer, until March 2028.<\/p>\n<p style=\"font-weight: 400;\">A temporary new electricity generator levy will also be introduced. This will impose a 45% windfall tax on profits of selling electricity above \u00a375MWh.<\/p>\n<p style=\"font-weight: 400;\">From 2025, electric vehicles will no longer be exempt from Vehicle Excise Duty (often referred to as Road Tax), which will help further raise Government funds.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-734\" src=\"https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-rathaphon-nanthapreecha-3846205-scaled-e1668698965192-600x382.jpg\" alt=\"\" width=\"353\" height=\"225\" srcset=\"https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-rathaphon-nanthapreecha-3846205-scaled-e1668698965192-600x382.jpg 600w, https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-rathaphon-nanthapreecha-3846205-scaled-e1668698965192-800x509.jpg 800w, https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-rathaphon-nanthapreecha-3846205-scaled-e1668698965192-768x489.jpg 768w, https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-rathaphon-nanthapreecha-3846205-scaled-e1668698965192-1536x978.jpg 1536w, https:\/\/www.redstarwealth.co.uk\/blog\/wp-content\/uploads\/pexels-rathaphon-nanthapreecha-3846205-scaled-e1668698965192-2048x1304.jpg 2048w\" sizes=\"(max-width: 353px) 100vw, 353px\" \/><\/p>\n<p style=\"font-weight: 400;\">It was also confirmed that plans for \u00a3700 million of Government funding into the Sizewell C nuclear power plant in Suffolk are to go ahead. This new nuclear power plant is expected to create 10,000 jobs and generate enough power for 6 million homes. The aim is to get the UK on the road to energy independence, so that we are no longer so heavily affected by changes in global gas prices in the future. It also signals the first UK state backing for a nuclear project in over 30 years. However, over the plant\u2019s expected 13-17 years of construction, the government has predicted it will add an average surcharge of around \u00a31 a month to household bills. This means that, yet again, our finances are likely to be under even more strain.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In yesterday&#8217;s Autumn statement, Hunt announced \u00a330 billion worth of spending cuts and \u00a324 billion worth of tax rises over the next 5 years. This increased taxation and cuts to government spending is aimed at rebuilding the economy after instability from the Covid pandemic, Truss and Kwarteng\u2019s failure of a mini-budget, and the ongoing war [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[215,220,214,136,223,41,24,137,218,219,186,187,132,221,216,212,217,222,211,200,213,224,225],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Jeremy Hunt&#039;s Autumn Statement - Red Star Wealth<\/title>\n<meta name=\"description\" content=\"Following Jeremy Hunt\u2019s Autumn Statement, we have a run-through the latest changes to economic policy in the UK\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redstarwealth.co.uk\/blog\/jeremy-hunts-autumn-statement\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Jeremy Hunt&#039;s Autumn Statement - 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