What does the autumn budget mean for you?

What does the autumn budget mean for you?

Universal Credit Changes

Two major announcements were made in the Autumn budget.

Firstly, the Government committed to additional protections for people transitioning to Universal Credit. These plans are yet to be finalised, and we will update this page when there is more news.

Secondly, the Work Allowance in universal credit will be increased by £1,000 per year from April 2019. This will make single parent families better off, as less of your earnings will be taken into account when working out how much universal credit you will receive.

From October 2019 claimants can repay universal credit over-payments and debts more slowly (from 40% of the standard allowance to 30%).

From October 2021 people will have longer to repay advances. This period will increase from 12 to 16 months.

Changes to other benefits

Jobseekers’ Allowance, ESA and Income Support will roll on for the first fortnight of a Universal Credit claim, where otherwise they would have stopped. This will be effective from July 2020, and benefit around 1.1 million claimants.

The Government is extending the 12 month grace period (the period before the Minimum Income Floor applies) to support all gainfully self-employed people. This will be introduced from July 2019 and implemented fully from September 2020.

Increased Tax Allowance

The personal tax allowance will be increased from £11,850 to £12,500 in April 2019. This means you will not have to pay tax on anything you earn under this figure.

Increased Minimum Wage

The Minimum Wage will increase from £7.83 to £8.21 in April 2019.

New Enterprise Allowance

The New Enterprise Allowance will be extended to offer training and allowances to help you start your own businesses to 2021.

See BBC budget calculator

Call or email the Lone Parent Helpline on 0808 801 0323 if you need advice.

Posted in Information & Advice, News, News, News, Universal Credit

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