PENSIONS UP BY 10% AS RICH TAXED MORE
PAY AND SUPPORT WITH THE COST OF LIVING:
● The energy price guarantee scheme will increase from £2,500 for the average household to £3,000 for 12 months from April.
● Social rent rises to be capped at a maximum of 7% in 2023/24.
● National living wage to increase by 9.7%, making the hourly rate £10.42 from April 2023.
TAX:
● Threshold at which the top rate of income tax is paid will be cut from £150,000 to £125,140. Those earning £150,000 or more will pay just over £1,200 more a year.
● Windfall tax on oil and gas giants increased from 25% to 35%, with a 45% levy on electricity generators.
● Stamp duty cuts announced in the mini-budget will remain in place until March 31 2025.
HEALTH:
● The NHS budget will be increased by an extra £3.3bn in each of the next two years.
● Adult social care allocated an additional grant funding of £1bn next year and £1.7bn the year after.
SPENDING AND BENEFITS:
● An extra £2.3bn per year will be invested in schools over the next two years.
● The 0.7% overseas aid target will no longer be hit and stays at 0.5%.
● Defence budget to be maintained at least 2% of GDP.
● An extra £1.5bn for the Scottish Government, £1.2bn for the Welsh Government and £650m for the Northern Ireland Executive.
● Working age and disability benefits will increase in line with inflation, with a rise of 10.1%.
● State pensions will increase in line with inflation in April.
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THE Government will press ahead with building a new nuclear power plant at Sizewell C in Suffolk. It will invest £700m in the project – the first state backing for a nuclear site in over 30 years.