The change will come into effect from 6 January 2024. The chancellor is to cut the rate of national insurance (NI) by two percentage points for employees. The change will take effect from January 2024. Employees will pay 10% in NI contributions on earnings between £12,570 and £50,200, rather than the current rate of 12%. The rate remains at 2% …
Autumn Statement 23: Jeremy Hunt sets out ‘pot for life’ pension reforms
Chancellor pledges to give workers the legal right over where employers pay contributions Chancellor Jeremy Hunt has announced he will consult on “pot for life” pensions reforms. In the Autumn Statement today (22 November) Hunt said the government would consult on giving pension savers a “legal right to require a new employer to pay pension contributions into their existing pension”. …
Autumn Statement: State pension to rise 8.5% as triple lock confirmed
Chancellor decides to keep triple lock in place. The state pension is set to rise by 8.5% from April 2024, as chancellor Jeremy Hunt confirmed the triple lock remains in place in today’s Autumn Statement. ‘We honour our commitments to the triple lock in full,’ said Hunt. In the run-up to the Autumn Statement, there were reports that the government …
UK inflation sharply falls in October to 4.6%
Official figures show inflation down from 6.7% in September UK inflation declined sharply in October, falling to an annualised rate of 4.6% from 6.7% in September, according to data from the Office for National Statistics (ONS). The drop in housing prices was the largest contribution to the fall in inflation, contributing 1.6 percentage points to the 2.1 percentage point decline. …
Govt stealth tax sees IHT bills hit record £3.9bn
HMRC took in £3.9bn from inheritance in six months to end of September, £400m more than in the same period last year. The government collected a record amount from inheritance tax (IHT) in the six months to the end of September as frozen thresholds mean more estates are being hit by the tax. HM Revenue & Customs (HMRC) took in …
Inflation sees surprise fall to 6.7%
The UK’s headline rate of inflation has nudged down, helped by an easing of food and accommodation prices. UK CPI inflation was reported at 6.7% for August, compared to the 6.8% recorded in July and consensus expectations of an uptick to 7.0%. The ONS data shows an even greater drop in the core inflation reading: annual core CPI (excluding food, …