Autumn Statement: How will you be affected?

The Chancellor Jeremy Hunt has set out the Conservative's Autumn Statement.

Mr Hunt has outlined a series of tax-rises and government spending cuts which are required to fill a £54 billion deficit.

The announcements include:

• From April 2023, the Energy Price Guarantee will remain for a further 12 months at a new higher level of £3,000 per year (for the average household.). It is expected to rise again after this.
• A lowering of the threshold at which the 45p rate becomes payable from £150,000 to £125,140.
• Stamp duty cuts will remain in place until March 2025.
• On windfall taxes for oil companies, from 1 January until March 2028, the Chancellor will increase the energy profits levy from 25% to 35%;
• An additional 600,000 people who are on Universal Credit will be asked to meet with a work coach to help increase their hours or earnings;
• Pledges to increase the budgets for the NHS, social care and schools.
• Further cost of living payments of £900 will be given next year on means-tested benefits. £300 will be given to pensioner households and £150 for individuals on disability benefit;
• Benefits and pensions will increase with inflation.