What does Autumn Statement 2023 mean for you?

The Chancellor of the Exchequer, Jeremy Hunt, has revealed this year's Autumn Statement. Our simple guide will list out what this might mean for you. 

Key policies that may affect you:

Personal tax

• Class 1 employee National Insurance Contributions to go down from 12% to 10% from 6 January 2024
• Class 4 self-employed National Insurance Contributions to go down from 9% to 8% from 6 April 2024

You can read more about National Insurance Contributions on our website.

Increase in National Living Wage

• National Living Wage to increase to £11.44 an hour with the age threshold lowered from 23 to 21 years old from 1 April 2024

Back to work plan for long-term unemployed people on Universal Credit

• From late 2024, new schemes to be introduced to those on Universal Credit who have completed Restart and remain unemployed after 18 months. This will include mandatory work placements or other intensive work activity
• Intensive support to be provided to those who have been receiving Universal Credit for 7 weeks
• The government to track claimants' attendance at job fairs and interviews organised by Job Centres. This is so that work coaches have the information they need to determine whether claimants are meeting their Universal Credit work commitments
• Plans to close the Universal Credit claims of individuals who have been on an open-ended sanction for over six months and who are only eligible for the Universal Credit standard allowance 
• The government to regularly review Universal Credit claims of disengaged claimants who have been on open-ended sanctions for over eight weeks

Future changes to the disability benefits

• The government is reforming the activities and descriptors in the Work Capability Assessment. These changes are expected to happen from 2025 onwards

Increase in benefit rates from April 2024

• Benefits to increase by 6.7% in line with inflation figure for September 2023, and State Pension to increase by 8.5% in line with the Triple Lock

Local Housing Allowance Rates to go up from April 2024

• The government to increase the Local Housing Allowance rate for properties in the private rented sector.