Mini-budget 2022: what it means for you
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. However she currently works less than 15 hours a week so will be under pressure to do more or see her UC payments cut.
2022/23 Our couple have a combined annual income tax and national insurance bill of £22,034. This results in a combined monthly income of £5,664.
Nov 2022 The NI change means they will be £68 a month better off.
2023/24 The income tax changes are worth £601 while the reduction in their NI bill is £811, leaving them £1,412 better off.
2022/23 Our couple have a
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