Chancellor Jeremy Hunt announced a wave of new economic policies and commitments in Parliament today.
Among the new announcements, changes were highlighted towards Universal Credit benefits. Mr Hunt said benefits will rise in line with inflation by 10.1%.
The Chancellor told the Commons: “Today I also commit to uprate such benefits by inflation with an increase of 10.1%, that is an expensive commitment costing £11 billion.
“But it means 10 million working-age families will see a much-needed increase next year.
“On average, a family on universal credit will benefit next year by around £600. And to increase the number of households who can benefit from this decision I will also increase the benefit cap with inflation next year.”
Read more: Jeremy Hunt announces huge changes to 600,000 people on Universal Credit in Autumn Budget
Government figures show that 5.8 million people were receiving Universal Credit in October, up from 5.5 million in March 2022, but below the peak of six million in March 2021. Here's a breakdown of how much Universal Credit will go up by next year, going in order from the 2022/23 amount, the 2023/24 amount, and the increased amount.
- Universal Credit, single, aged 25 up - £334.91/£368.74/£33.83
- Universal Credit, single, aged 25 up with limited capability for work and work-related activity - £689.19/£758.80/£69.61
- Universal Credit, single, aged 25 up and one child - £579.49/£638.32/£58.83
- Universal Credit, couple, at least one adult 25 up and two children - £1,014.88/£1,117.98/£103.10
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