The new Chancellor of the Exchequer’s budget includes plans to scrap a cap on bankers’ bonuses, the introduction of a 1p cut to the basic rate of income tax from April 2023 and cuts to stamp duty.
He also reiterated plans for a cap on energy bills for businesses and introduced reforms to the Universal Credit system.
Changes to universal credit include raising the earnings threshold to 15 hours a week from 12 hours a week for claimants who receive the most intensive support to find work.
This means that claimants earning the equivalent of 15-hours work on the national minimum wage or less “will be expected to actively search for work and attend weekly or fortnightly appointments at a jobcentre in order to secure more or better paid work, or they could have their benefits reduced”.
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