It's being reported that the Universal Credit taper rate 'could be slashed' by the Chancellor of the Exchequer on Wednesday (March 23). The taper rate is how your Universal Credit payments are reduced once you earn more than your work allowance.
The Universal Credit earnings taper rate is currently 55%. This means that for every £1 claimants earn over their work allowance, their Universal Credit will be reduced by 55p. This amount will be deducted automatically from their Universal Credit payment.
Ahead of the Spring Statement, there were reports that the lowest-paid workers could get a tax cut in the shape of the taper change.
