The Autumn Budget was announced today by Chancellor Rachel Reeves
The limit on deductions from Universal Credit payments to repay debt has been reduced in the latest Budget. Labour Chancellor Rachel Reeves confirmed that the maximum amount that can be deducted from the standard allowance will decrease from 25% to 15% starting April 2025. At present, the DWP and other third parties can take away 25% of a person's Universal Credit standard allowance payment to recover any debts they may have.
Britain's first female chancellor will spoke after Prime Minister's Questions this afternoon and set out the government's economic agenda. Among the policies confirmed in today's announcement are a 20% VAT on private schools, a £40 billion tax hike and an increase in tobacco duty. The state pension will also rise by up to £470. For the latest news and breaking news visit http://www.liverpoolecho.co.uk/news/ .
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