Jeremy Hunt has today delivered his autumn Statement outlining the Budget for spending - but how does this affect you?
The Mirror has pulled together a new online calculator to highlight some of the key changes announced by the Chancellor, and how they will affect you financially.
Among the announcements today came substantial tax changes, with a complete freeze confirmed on Income Tax Personal Allowance and National Insurance thresholds.
Read more: Jeremy Hunt's Autumn Statement at a glance as he announces tax rises
In essence, this means that millions of workers across the United Kingdom will be handing over more of their hard earned cash to the taxman when payday comes around. Changes were also announced on the national Minimum Wage and energy bills - as well as more cost of living payments.
Our calculator below shows how the Minimum Wage is set to change, as well as how much more you could potentially end up forking out on energy bills.
As of April 2023, the Minimum Wage will rise by 9.7% - coming as a much-needed boost for around two million low-paid workers.
USE OUR AUTUMN STATEMENT CALCULATOR BELOW
The National Living Wage - which currently sits at £9.50 per hour for those aged 23 and over - will be raised by 92p to £10.42 from April next year. The minimum wage per hour paid to those between 21 and 22 will rise from £9.18 to £10.18, from £6.83 to £7.49 for those aged 18 to 20, and from £4.81 to £5.28 for under-18s and apprentices.
But the 9.7% rise is slightly below the rate of inflation, which is currently at a 41-year high of 11.1%. Keep in mind our calculator above only shows your wage change if you're paid the minimum wage for your age.
Meanwhile, energy bills will rise to £3,000 a year for the typical household from April - up from £2,500 now. The rise means households won’t pay the £3,739 that is being predicted by energy analysts at Cornwall Insight.
But bills are still eye-wateringly high compared to a year ago, when the Ofgem price cap was £1,277 in October 2021.
The Chancellor confirmed the Energy Price Guarantee will be extended beyond April - lasting for 12 months. Much like the Ofgem price cap, which the Energy Price Guarantee replaced, the headline £3,000 figure isn't a total cap on your bills.
It is the unit rates and standing charges that are capped - this means if you use more energy, you could pay more than this figure. Similarly, use less energy and your bill could be less.
The new £3,000 Energy Price Guarantee will last for 12 months, taking households to April 2024. To help struggling families, the Government has announced further cost of living payments.
This includes £900 to households on certain means-tested benefits, including Universal Credit, Tax Credits and Pension Credit. Another £150 would go to people on disability benefits including Personal Independence Payment.
And it would give another £300 to pensioner households who already receive a Winter Fuel Payment.
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