The new Chancellor of the Exchequer, Philip Hammond, has given his first Autumn Statement which sets out his plans for country’s financial policies. Various plans were revealed including, amongst others, a plan for big infrastructure; with many people excited by the increased affordable home building budget. But what impact do the policies have for you? Let’s have a look:
Recent times have been hard for savers with interest rates hovering around the 0% mark. The chancellor has outlined a new savings account – a NS&I Bond that will offer savers a 2.2% interest for three years on balances up to £3000. If you are interested in this you can get yours next Spring (2017).
National Living Wage
Good news here – the National Living Wage is going up. It’s rising to £7.50 an hour in April next year. This is a 30p rise which will give a full-time worker an extra £500 a year! Another thing to know that from April 2017 you will get to earn £11,500 before you begin to pay tax. This is up by £100.
An increase in fuel duty has once again been scrapped which is good news for drivers. There is also going to be a stronger implementation of the law on fraudulent whiplash claims which insurers say will save drivers around £40 per year.
The chancellor made some waves with this announcement to end letting agent fees in England. Currently, you can be charged fees for a whole range of things like moving on a weekend and reference checking, and the fee can total in the hundreds. This will not affect those of you in Scotland as agent fees are already banned there.
Photo credit: AJC1