UPDATE: This article was published in November 2015. Make sure you’re up to date with the 2016 benefit changes and how they may affect you.
If you’ve been worried about the effects of the changes to tax credits due in the spring, then you’ll hopefully be breathing a sigh of relief today. The Chancellor George Osbourne announced a U-turn on the proposed changes in the Government’s Autumn Statement yesterday. But what else was announced during his 80-minute speech?
The Government’s Autumn Statement and Comprehensive Spending Review isn’t a page turner. But it affects the finances of a lot of people up and down the country. That’s why we asked our Policy team to try and explain the changes in language that even the MoneyAware team would understand.
At a glance it looks like this…
Potentially positive for you:
- Reversal of tax credit cuts
- Pension payments will increase
- Extension of the Warm Home Discount to 2020-21
Potentially negative for you:
- Changes to Universal Credit (UC) announced in the Summer Budget will still go ahead from 2016-17
Other things to be aware of:
- There are changes to benefits paid to the self-employed
- There are some small changes to JSA ‘conditionality’
Let’s look at these in more detail…