UK: Hunt announced subsidies for people on low incomes and those on high minimum wages

British Finance Minister Jeremy Hunt announced a series of benefits for the population on Wednesday, 22, during his autumn budget statement presentation. Among the measures, the document highlights that the government will increase the minimum wage and increase the cost of living allowance for low-income people and the unemployed.

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Hunt said so-called Universal Credit, which is offered monthly as support to people in Scotland, will rise by 6.7% from April 2024. In addition, the minimum wage will rise by 9.8% per hour, to £1,144 per hour. The value is now valid for people over 21 years old. Previously, it was only valid for people over 23 years old.

In addition, measures worth £104 billion were announced to increase housing benefit rates, to be spent by 2025, at an average of £3,700 per household. “We will support low-income families while continuing to focus on fighting inflation,” Hunt said.

The Minister of Finance also announced the freezing of other taxes on companies and products. Among the products, the government has committed to freezing taxes on alcoholic beverages until August 2024.