Autumn Statement briefing

23 Nov 2016

The Chancellor Philip Hammond delivered his Autumn Statement today.

With the economy slowing and the cost of Brexit taking the UK into deficit again, young people were clearly not the priority. Here’s the headlines on announcements which might affect them:

  • Housing: £1.4bn to construct 40,000 affordable homes. £2.3bn Housing Infrastructure Fund for infrastructure for up to 100,000 new homes in high demand areas.
  • Ban on letting agency fees.
  • Benefits: The taper rate at which universal credit is withdrawn as earnings rise is being reduced from 65p to 63p from April. So for every £1 earned you’ll lose 63p rather than 65p.
  • National Living Wage from £7.20 to £7.50 from April 2017 (over 25 years).
  • National Minimum Wage: 21 to 24 year olds from £6.95 to £7.05 per hour
    • 18 to 20 year olds from £5.55 to £5.60 per hour
    • 16 to 17 year olds from £4.00 to £4.05 per hour
    • Apprentices from £3.40 to £3.50 per hour