Tax cuts
The chancellor announced a number of measures in his ‘new growth plan’ to reduce taxes, including:
Benefits
The chancellor also confirmed plans to make part-time workers receiving universal credit increase their working hours and earn more, focusing on employees over the age of 50.
Under the new rule, benefit claimants working up to 15 hours a week will be required to ‘take steps’ to increase their earnings or face having their benefits reduced. This is an increase from the current threshold of 12 working hours a week.
The further increase is expected to be implemented from January, with reports suggesting it will impact around 120,000 people out of about 5.5 million claiming the benefit.
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