MARTIN Lewis has reacted to Jeremy Hunt's autumn statement, as the Chancellor set out a range of plans, including increases for Universal Credit and other benefit claimants.
Speaking to MPs at his autumn statement, Hunt confirmed the Government would increase Universal Credit and other benefits by 6.7 per cent.
The rise, in line with September's inflation figures, will come into force from April next year, and will be worth an "average increase of £470 for 5.5 million households", the Chancellor said.
Taking to X, formerly known as Twitter, Money Saving Expert Martin Lewis told his followers: "Universal Credit and other benefits will increase by 6.7% (September inflation) and equivalent to average £470.
Universal credit and other benefits will increase by 6.7% (Sept inflation) and equiv to average £470. GOOD. They haven't tried to slice off an amount by increasing it at Oct's lower inflation rate as was mooted (unfair as inflation is retrospective so people have already felt…
— Martin Lewis (@MartinSLewis) November 22, 2023
"GOOD. They haven't tried to slice off an amount by increasing it at October's lower inflation rate as was mooted (unfair as inflation is retrospective so people have already felt those cost rise hits)."
Elsewhere in the autumn statement, Hunt confirmed that the Government would be honouring the triple lock on pensions, and increasing state pensions next year.
Under the triple lock – which guarantees an increase in line with average earnings, inflation or 2.5%, whichever is highest - pensions will increase by 8.5 per cent in April.
He told MPs: "The triple lock has helped lift 250,000 older people out of poverty since its inception in 2011.
"It has been a lifeline for many during times of inflation.
"We honour our commitment to the triple lock in full. We will increase the new state pension by 8.5 per cent, worth up to £900 more a year."
On private rents, Hunt said he had heard representations on the need to unfreeze local housing allowance.
He said: “I will therefore increase the local housing allowance rate to the 30th percentile of local market rents. This will give 1.6 million households an average of £800 of support next year.”
On alcohol duty, Hunt added: “As well as confirming our Brexit Pubs Guarantee, which means duty on a pint is always lower than in the shops, I have decided to freeze all alcohol duty until August 1st next year.
“That means no increase in duty on beer, cider, wine or spirits.”
