AUTUMN STATEMENT 2023 – NATIONAL INSURANCE CUT BY 2%, WITH STATE PENSION AND UNIVERSAL CREDIT TO RISE

In his autumn statement this afternoon, Chancellor Jeremy Hunt has confirmed that National Insurance will be cut by two percentage points.

Mr Hunt has also said he will honour the ‘triple lock’ and increase Universal Credit.

The National Insurance rate will fall to 10% from 6th January.

During his statement to the House of Commons, the Chancellor said the government will increase Universal Credit and other benefits from April 2024 by 6.7%, in line with the inflation figure in September.

This will give an average increase of £470 for 5.5 million households.

The full state pension will go up by 8.5% to £220 per week from 24th April 2024 and will be worth up to £900 per year.

Jobseekers who have been out of work for 18 months will go on mandatory work placements and, if they do not comply for six months, their benefits will cease.

Local housing allowance rate will increase, giving 1.6 million households around £800 in support during 2024.

Mr Hunt said the government will abolish class 2 National Insurance, saving self-employed people £192 per year.

All alcohol duty has been frozen until 1st August 2024.

Locally, devolved powers were promised for East Yorkshire and Hull.