Chancellor Jeremy Hunt has delivered his autumn statement which included a shock 2 per cent cut to national insurance and a boost to pensions that he pledged would get Britain’s economy “back on track”.
Mr Hunt kept the pensions triple lock in place meaning an 8.5 per cent rise for pensioners, vowed to increase in-work benefits by 6.7 per cent, and froze the tax on alcohol. He will also permanently allow firms to offset any investments, in a tax break costing £11bn a year.
He claimed his plan for the British economy was “working”, but Labour accused the Tories of “making working people worse off” and the Office of Budget Responsibility downgraded its economic growth forecast and warned inflation would stay higher for longer.
The Independent’s Budget calculator, created by tax advisory firm Blick Rothenberg, below will help you to determine whether you are better or worse off following Wednesday’s statement. Just enter a few details such as how much you earn, whether you are single, are in a couple or have a family to see if your finances are up or down.
