At first glance, Chancellor Jeremy Hunt’s autumn statement appears to reduce the tax burden, increase pay and make our lives a bit easier. But given the cost of living and other pressures, the big picture is not as pretty. If you’re a young professional, here’s what the changes could mean for you.
Let’s start with your salary. The national living wage will increase from £10.42 to £11.44 per hour from April 2024 and be extended to all workers aged 21 and above. That’s an inflation beating rise of 12.4% if you’re between 21-23, and 9.8% if you’re older than 23. For those between 18-20, the hourly rate increases by a whopping 14% or £1.11, to £8.60 per hour.
