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On 17 November 2022, Chancellor of the Exchequer Jeremy Hunt announced his Autumn Statement. The aim was to restore the stability of the economy following a period of economic volatility resulting from the controversial mini-budget announced by Liz Truss in September 2022.
30 November 2022
Insight
The announcement confirmed that that National Living Wage (NLW) and National Minimum Wage (NMW) will rise and come into effect from April 2023. For adults aged 23 and over, the current minimum wage is £9.50 an hour – this will increase by 9.7% to £10.42 which represents an annual pay rise worth of over £1,600 for a full-time employee. It is estimated that this measure will benefit 2 million of the lowest paid workers.
From 01 April 2023, the new rates will be:
In the 2021 spring budget, Rishi Sunak (as Chancellor at the time) set up a four-year freeze on personal tax thresholds that began in April 2022. Jeremy Hunt has now confirmed that he will extend this threshold for a further two years meaning there should be no changes until 2028.
The threshold for paying the 45p top rate of income tax will be lowered from £150,000 to £125,140.
The following three main tax rates remain unchanged with the threshold of £12,750 income tax-free and the 40% rate starting at £50,270:
Employers should ensure that these changes are implemented across their workforce.
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