What does the 2024 Autumn Budget mean for you?
The Chancellor of the Exchequer, Rachel Reeves, has revealed her autumn Budget. What does it mean for you?
- Published
- 31/10/2024
Key policies that may affect you:
National Minimum Wage Increase
From April 2025: For those 21 and over, the National Minimum Wage will rise by 6% to £12.21/hour, adding around £1,400 annually. Younger workers and apprentices will also see significant increases.
Carer’s Allowance Earnings Threshold Increase
From April 2025: Carers can earn up to £196 weekly (approx. £10,000 yearly) without affecting their allowance, up from £151 weekly. The government will also review how Carer’s Allowance overpayments are handled.
Read more about Carer’s Allowance
State Pension Increase
From April 2025: New and Basic State Pensions will rise by 4.1%, offering increased weekly and annual amounts for pensioners. A single pensioner will receive £230.25 a week.
Read more about the support available to people above State Pension age
Pension Credit Minimum Guarantee Boost
From April 2025: The Pension Credit minimum guarantee will increase by 4.1%, raising weekly and annual amounts for single individuals and couples.
Universal Credit Deduction Cap Lowered
From April 2025: Deductions from Universal Credit for debts will reduce from 25% to 15%, helping affected households retain more of their income.
Read more about Universal Credit deductions
Extension of Household Support Fund.
The scheme has been extended to the end March 2025.
Read more about the Household Support Fund
Bus Fare Cap Extended and Increased
From January 2025: Single bus fares capped at £3 across England, with some areas (Greater Manchester, London) maintaining lower caps.
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