He has revealed tax rises and spending cuts worth billions of pounds aimed at mending the nation’s finances.

Taxation and wages

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• Legally-enforceable minimum wage for people aged over 23 to increase from £9.50 to £10.42 an hour from next April
• State pension payments and means-tested and disability benefits to increase by 10.1%, in line with inflation
• Apart from in Scotland, top 45% additional rate of income tax will be paid on earnings over £125,140, instead of £150,000
• Income tax personal allowance and higher rate thresholds frozen for further two years, until April 2028
• Main National Insurance and inheritance tax thresholds also frozen for further two years, until April 2028
• Tax-free allowances for dividend and capital gains tax also due to be cut next year and in 2024
• Local councils in England will be able to hike council tax up to 5% a year without a local vote, instead of 3% currently

Energy

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• Household energy price cap extended for one year beyond April but made less generous, with typical bills capped at £3,000 a year instead of £2,500
• Households on means-tested benefits will get £900 support payments next year
• £300 payments to pensioner households, and £150 for individuals on disability benefit
• Windfall tax on profits of oil and gas firms increased from 25% to 35% and extended until March 2028
• New 45% tax on companies that generate electricity, to apply from January

Economy and public finances

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• The Office for Budget Responsibility judges UK to be in recession, meaning the economy has slowed for two quarters in a row
• It predicts growth for this year overall of 4.2%, but size of the economy will shrink by 1.4% in 2023
• Growth of 1.3%, 2.6%, and 2.7% in 2024, 2025 and 2026
• UK’s inflation rate predicted to be 9.1% this year and 7.4% next year
• Unemployment expected to rise from 3.6% to 4.9% in 2024
• Government will give itself five years to hit debt and spending targets, instead of three years currently

Government spending

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• Scheduled public spending will be maintained until 2025, but then grow more slowly than previously expected
• In England, NHS budget will increase by £3.3bn a year for the next two years, and spending on schools by £2.3bn
• It will mean larger payments to devolved governments in Scotland, Wales and Northern Ireland
• Defence spending to be maintained at 2% of national income – a Nato target
• Overseas aid spending kept at 0.5% for the next five years, below the official 0.7% target

Business and infrastructure

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• Support worth £13.6bn over next five years to help firms with business rates, including a mixture of freezes and reliefs
• Import taxes removed on more than 100 goods, including some food products, for two years to reduce costs
• A planned tax on online sales shelved due to “complexity”
• Chief Scientific Adviser Sir Patrick Vallance to lead review into how post-Brexit regulation can support emerging technologies