18 Oct 2022 - 07:19:11
215 Posts
What Jeremy Hunt's statement means for you

By dismantling policies from the so-called mini-budget of just a few weeks ago, Chancellor Jeremy Hunt has rewritten the prospects for your finances.

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From income tax to energy bills, various changes will have a direct impact on your money.

This is how the latest decisions will affect you.

Reduced support with energy bills
The government's Energy Price Guarantee was originally put in place for two years - to limit the price that suppliers could charge for each unit of energy.

Now that will only be in place for six months, just to cover this winter. The Treasury will review support given from April, but Mr Hunt said there would be "a new approach" targeting those in the most need.

You will still pay for the gas and electricity you use. For a typical household - one that uses 12,000 kWh (kilowatt hours) of gas a year, and 2,900 kWh of electricity a year - it means the annual bill will be 2,500 until next spring. Last winter it was 1,277 a year.

Income tax cut is cancelled
A cut in the basic rate of income tax - which had been promised by two chancellors this year - has been cancelled.

In the spring, Rishi Sunak, when chancellor, pledged to reduce the basic rate of income tax by 1p in the pound before the end of the Parliament in 2024.

Kwasi Kwarteng, when chancellor, said this would be brought forward to April 2023.

Now Jeremy Hunt has said the basic rate of income tax will stay at 20% indefinitely. This means your income tax rates will remain unchanged.

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