Budget 2023: what it means for people on a range of incomes
2022/23 James, 24, works 35 hours a week for a cafe and is paid the minimum wage of £9.50 an hour, or £332.50 a week.
From his annual wage of £15,960 he is left with £14,761, after tax (£678) and national insurance (£521) are both deducted.2023/24 From April the minimum wage for over-23s in rises to £10.42 an hour.
This means he now receives £364.70 a week or £17,506 a year. After tax and NI are deducted he is left with £15,926 – £1,165 more than the previous year.2022/23 Helen earns the national average wage of £38,000 and pays £5,086 a year in income tax and a national insurance bill of £3,326.
Her monthly take-home pay is £2,466 after tax, or £29,589 a year.2023/24 Having had a good year, her employer has awarded her £4,000 – a 10.5% – pay rise.
Read more on theguardian.com
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