A hike in the Living Wage—and changes to Universal Creditby Alex Dean / November 23, 2016 / Leave a comment
There will be a hike in the Living Wage, Philip Hammond will announce today. A reduction in the Universal Credit “taper rate” is also expected.
In his first Autumn Statement since becoming Chancellor—and the first since Theresa May pledged to help the “just about managing,” Hammond will announce an increase in the National Living Wage to £7.50 an hour in April 2017. It is currently £7.20. In addition, £4.3 million will be spent on enforcing the minimum wage.
Hammond will also announce a drop in the UC taper rate from 65 per cent to 63 per cent. This means that for every pound workers earn over the “Work allowance,” they will keep 37 pence rather than 35. Three million households will benefit, but the main cuts to UC announced in 2015 will still go ahead.
An extra £1.4bn will be spent on delivering 40,000 affordable homes, as part of a housing package that will see existing funding for affordable housing made more flexible. Letting agents’ fees are to be banned.