What happened in the Spring Statement 2023?
On Wednesday March 15th 2023 the chancellor delivered his spring statement. Here are the key takeaways from his speech concerning personal finances and housing - some of our core focuses here at The Nottingham.
Cost of Living
- The Government announced a three-month extension to £2,500 a year Energy price guarantee, this was due to rise in April but will now be in place until the end of June 2023.
- £200m support was announced for those paying for their energy via prepayment meters to bring their charges in line with those paying by direct debit.
Wages and Pensions
- The maximum amount workers can contribute to their pension pot (currently £1.07m) without having to pay extra tax is to be abolished.
- The yearly tax-free allowance for pensions is set to rise from £40,000 to £60,000.
- The 30 hours of free childcare scheme for working parents in England is to be extended to include one and two-year-olds, it will be implemented in a phased roll out from April 2024.
- Families claiming universal credit will see the £646-a-month per child cap rise to £951, and will receive payments up front rather than in arrears.
You can read the full Spring Budget on gov.uk
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