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Autumn Statement 2011 - what it means for you
Abbafan1972
Posts: 7,215 Forumite
Sorry if this has already been posted, but thought I would post regarding the Tax credits etc.
Published: Tuesday, 29 November 2011
The Chancellor of the Exchequer delivered his 2011 Autumn Statement to the House of Commons this afternoon.
The Autumn Statement provides an update on the government's plans for the economy, based on the latest forecasts from the Office for Budget Responsibility.
Due to the ongoing impact of the financial crisis, the euro area crisis and high global commodity prices, the Office for Budget Responsibility is forecasting slower growth in the UK economy.
Benefits and pensions
The basic State Pension will rise next April by £5.30 to £107.45.
Working age benefits, such as Jobseeker's Allowance and Income Support, will rise by 5.2 per cent next April.
Tax credits
The Pension Credit will rise next year by £5.35.
Disability elements of tax credits and the child element of Child Tax Credit will all increase in line with inflation.
The other elements of Working Tax Credit will not be uprated next year. And the additional £110 rise in the child element, over and above the inflation increase, will no longer happen.
State Pension age
Starting in the year 2026, the State Pension age will begin to increase from 66 to 67. This will not affect anyone within 14 years of receiving their State Pension today.
Source: Direct Gov Website
Published: Tuesday, 29 November 2011
The Chancellor of the Exchequer delivered his 2011 Autumn Statement to the House of Commons this afternoon.
The Autumn Statement provides an update on the government's plans for the economy, based on the latest forecasts from the Office for Budget Responsibility.
Due to the ongoing impact of the financial crisis, the euro area crisis and high global commodity prices, the Office for Budget Responsibility is forecasting slower growth in the UK economy.
Benefits and pensions
The basic State Pension will rise next April by £5.30 to £107.45.
Working age benefits, such as Jobseeker's Allowance and Income Support, will rise by 5.2 per cent next April.
Tax credits
The Pension Credit will rise next year by £5.35.
Disability elements of tax credits and the child element of Child Tax Credit will all increase in line with inflation.
The other elements of Working Tax Credit will not be uprated next year. And the additional £110 rise in the child element, over and above the inflation increase, will no longer happen.
State Pension age
Starting in the year 2026, the State Pension age will begin to increase from 66 to 67. This will not affect anyone within 14 years of receiving their State Pension today.
Source: Direct Gov Website
Striving to clear the mortgage before it finishes in Dec 2028 - amount currently owed - £10,153.44
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