How George Osbornes Autumn statement will affect you

George Osborne’s Autumn Statement saw changes in a number of areas where cost savings for the average bill payer were implemented. With Christmas nearly upon us, these will be welcomed with open arms, any savings that can be made, especially this time of year are welcomed. Here are just a few of the basic changes.

  • Tax Credits.

    The Chancellor reversed the plan to cut tax credits. The threshold was being reduced to £3,850 from £6,420 in April 2016, however, it will stay at the higher amount now meaning more families will qualify.

  • Commuters.

    If a train is delayed for more than 15 minutes then a passenger will be able to claim compensation on these train delays.

  • ISA.

    Normally an ISA limit increases with inflation however the rates will stay the same until April next year.” This means the ISA limit will stay at £15,240, while the Junior ISA and Child Trust Fund limits will be kept at £4,080 in the 2016/17 tax year too.” So for those of us who can save money, this is not such good news.

  • Energy bills.

    The green energy levies that suppliers like British gas have to pay should mean that £30 a year is shaved off a typical annual household bill.

  • Pension rates.

    From April 2016 new pension rates will come into play. The basic state pension will rise to a maximum of £119.30 per week which is an increase from the £115.95 at the moment.

  • Childcare.

    There are plans in place to double free nursery places in the UK for three and four-year-olds from September 2017 from 15 free hours to 30 hours. You will have to be working over 16 hours a week to be in receipt of this.

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