LONDON, Nov. 26 -- The government of the United Kingdom issued the following news:
Putting more money in people's pockets
*
This Budget takes levies off energy bills to save families £150 on average next year, and up to £300 for some poorer households.
*
The historic decision to remove the two-child limit in full from April 2026 will lift 450,000 children out of poverty -rising to around 550,000 alongside other measures announced this year, such as the expansion of free school meals - the biggest reduction at any Budget this century. This comes after this government has already rolled out free breakfast clubs to half a million more children.
*
We are raising the National Living Wage and National Minimum Wage meaning full-time workers on the National Living Wage see a rise of £900 a year, while full-time workers on the 18-20 National Minimum Wage rate will see a £1,500 rise.
*
Thanks to our commitment to the pension Triple Lock for this parliament, pensioners on the full new State Pension across the UK are set to receive an extra £575 a year, which they'll start seeing from April 2026.
*
Over three quarters of pensioners in England and Wales will benefit from a Winter Fuel Payment this winter.
*
Thanks to the biggest government intervention in over 30 years, we are freezing regulated rail fares in England this year - saving commuters hundreds of pounds off season tickets and easing pressure on household budgets.
*
We have extended the freeze on prescription fees for another year, keeping the cost under £10.
*
The Universal Credit Standard Allowance for a single person aged 25 or over will increase by around £295 a year, over £110 more than if up-rated by inflation alone. For couples, where one partner is aged 25 or over, it will increase by around £465 a year, approximately £180 more than if up-rated by inflation alone.
Delivering economic stability and driving down inflation
*
Inflation is past its peak, and measures announced in this Budget such as bringing down energy bills and freezing rail fares will bring down inflation.
*
The OBR has forecast that the Budget will reduce CPI inflation by 0.4 percentage points next year.
*
Under our financial stewardship of the economy, the Bank of England has cut interest rates 5 times, and our action to tackle inflation increases the likelihood of further cuts.
Disclaimer: Curated by HT Syndication.
