Nursery World - Mini-Budget: the key points from the Chancellor

Unveiling his Mini-Budget this morning, the newly appointed chancellor Kwaski Kwarteng revealed plans to cut taxes and establish ‘low tax zones’ across the country, while confirming changes to the working hours threshold for universal credit claimants.

The Chancellor Kwaski Kwarteng delivered his Mini-Budget this morning PHOTO GOV.UK

Tax cuts

The chancellor announced a number of measures in his ‘new growth plan’ to reduce taxes, including:

Benefits

The chancellor also confirmed plans to make part-time workers receiving universal credit increase their working hours and earn more, focusing on employees over the age of 50.

Under the new rule, benefit claimants working up to 15 hours a week will be required to ‘take steps’ to increase their earnings or face having their benefits reduced. This is an increase from the current threshold of 12 working hours a week.

The further increase is expected to be implemented from January, with reports suggesting it will impact around 120,000 people out of about 5.5 million claiming the benefit.

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