Here is a summary of the main measures announced.
UK national living wage for people over 23 to increase from £9.50 to £10.42 an hour from next April
State pension payments and means-tested and disability benefits to increase by 10.1%, in line with inflationIncome tax personal allowance and higher rate thresholds frozen for further two years, until April 2028 Main National Insurance and inheritance tax thresholds also frozen for further two years, until April 2028EnergyHousehold energy price cap extended for one year beyond April but made less generous, with typical bills capped at £3,000 a year instead of £2,500£300 payments to pensioner households, and £150 for individuals on disability benefitNew "temporary" 45% tax on companies that generate electricity, to apply from JanuaryThe Office for Budget Responsibility...
It predicts growth for this year overall of 4.2%, but size of the economy will shrink by 1.4% in 2023UK's inflation rate predicted to be 9.1% this year and 7.4% next yearGovernment will give itself five years to hit debt and spending targets, instead of three years currentlyScheduled public spending will be maintained until 2025, but then grow more slowly than previously expected
In England, NHS budget will increase by £3.3bn a year for the next two years, and spending on schools by £2.3bnDefence spending to be maintained at 2% of national income - a Nato targetOther measuresSocial housing rent increases capped at 7% from next April - instead of 11% due to inflation
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