News

Mini-Budget: the key points from the Chancellor

Families Policy & Politics Business
Unveiling his Mini-Budget this morning, the newly appointed chancellor Kwaski Kwarteng revealed plans to cut taxes and establish ‘low tax zones’ across the country, while confirming changes to the working hours threshold for universal credit claimants.
The Chancellor Kwaski Kwarteng delivered his Mini-Budget this morning PHOTO GOV.UK
The Chancellor Kwaski Kwarteng delivered his Mini-Budget this morning PHOTO GOV.UK

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.

Register now to continue reading

Thank you for visiting Nursery World and making use of our archive of more than 35,000 expert features, subject guides, case studies and policy updates. Why not register today and enjoy the following great benefits:

What's included

  • Free access to 4 subscriber-only articles per month

  • Unlimited access to news and opinion

  • Email newsletter providing activity ideas, best practice and breaking news

Register

Already have an account? Sign in here