Mini-budget 2022: what it means for you

Reading now: 779

2022/23 She receives a universal credit payment of £335 a month, which adds up to £4,019 over the year. Financial assistance with housing costs depends on the property and where she rents.

She will also receive cost of living payments worth a total of £650.2023/24 The benefits increase will be based on September’s inflation figure; however, the government says UC claimants working less than 15 hours a week have to show they are trying to get more work or risk having their payments cut.2022/23 He pays £4,284 a year in income tax while his national insurance (NI) bill is £2,839.

This results in a monthly pay packet of £2,240 per month.Nov 2022 The cancelling of the 1.25-percentage point increase in NI contributions means he will be £22 a month better off.2023/24 The reduction of the basic rate of income tax from 20% to 19% will lower his tax bill by £214 while the NI change adds up to £268, leaving him £482 better off.2022/23 Her low earnings mean she does not qualify for income tax or national insurance, taking home £576 a month.

This is topped up by a £623 universal credit payment plus £87 child benefit. She will also receive the £650 of cost of living payments.2023/24 She will get a pay rise when the minimum wage (currently £9.50 an hour) goes up.

The website is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.