Chancellor Jeremy Hunt has unveiled the contents of his Autumn Statement in the House of Commons.

For businesses, it is likely that the most noticeable impact, will be the increase in the National Living Wage from April next year.

National Living Wage increase 2023

From 1 April 2023, the National Living Wage (NLW) will increase by 9.7% from £9.50 to £10.42 an hour for workers aged 23 and over – the largest ever cash increase for the NLW.

Young people and apprentices on the National Minimum Wage (NMW) rates will also see a boost to their wages:

The rate for 21-22 year olds has increased by a larger percentage than other rates, in advance of the NLW applying to all workers over 21, from an expected date of April 2024.

Bearing in mind these increases, it is vital that businesses plan ahead for the impact of these rises.

Cost of living rising

With the cost of living rising, it is expected to be a tough winter for many people. The Chancellor has outlined plans designed to tackle rising prices.

In summary, these relate to:

  • State pension payments;
  • Income tax personal allowance;
  • Inheritance tax;
  • Council tax;
  • Energy;
  • Economy and public finances;
  • Government spending;
  • Business and infrastructure.

As these areas are outside of our HR expertise, please take a look on the Government website to find out more: https://www.gov.uk/government/publications/autumn-statement-2022-documents/autumn-statement-2022-html

How Hallidays HR can help

If you would like to discuss any of the above in more detail, then please do not hesitate to contact us.