The Autumn Statement: What it means for you

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:

Savings

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.

Drivers

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.

Renters

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

monese

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