Cost of living

The Chancellor Jeremy Hunt has today announced a range of new tax, benefits and savings measures in his Autumn Statement. MoneySavingExpert.com founder Martin Lewis has shared his instant reaction and explained what the changes mean for you, and we've added more detail on them below.

Both employees and self-employed workers will pay less in national insurance from next year, Chancellor Jeremy Hunt has announced in today's Autumn Statement. Around 29 million workers are expected to benefit, though for many the rate cuts don't offset freezes to personal tax thresholds, which determine when you start paying each tax. Below is everything you need to know. 

Over 460,000 workers in the UK are set to see their hourly pay rise by 10% due to an increase in the 'real living wage'; a voluntary employers' pay scheme based on the cost of living. The change means those covered by the scheme will see pay rise to at least £12 an hour, while those in London will get £13.15.

The state pension could rise by 8.5% from April 2024 under the 'triple lock' guarantee, meaning millions of people could receive a weekly increase of up to £17.35. Certain benefits, including Universal Credit, are also expected to rise from next April by 6.7%.

Over six million disabled people claiming certain benefits have now been sent a £150 one-off cost of living payment. If you haven't got yours, don't panic – we've got all you need to know on how to claim your missing payment. 

Over eight million households on certain benefits and Tax Credits have received the first third of their £900 cost of living payment. Here's all you need to know on whether you're eligible and how to claim if you're missing your payment.

More households using heating oil, LPG, biomass and other alternative fuels can now apply for £200 to help with their energy bills. That's because the Government has confirmed it will now accept receipts dating back to 1 June 2022 as evidence – a three-month extension on the previous September 2022 cut-off.

An extra 200,000 homeowners on universal credit are now eligible for state help with their mortgage repayments as changes to the 'support for mortgage interest' scheme have kicked in today (3 April). It means you might be able to get help covering a portion of your monthly mortgage repayments if you're struggling. 

The Chancellor Jeremy Hunt has today announced a range of new tax, benefits and energy measures in his Budget. But, as MoneySavingExpert.com founder Martin Lewis points out, income tax thresholds will remain frozen – meaning millions will be pulled into paying more tax through a process known as 'fiscal drag'. Below we round up the key announcements and you can also watch Martin's instant reaction.

Council tax bills will increase for millions of people in England from 1 April, with the majority of local authorities set to hike rates by 5% – though in some cases bills will rise by up to 15%. Council tax bills are also expected to rise in Scotland and Wales where nationwide caps are not in place.