The new chancellor has outlined a host of policy changes. This is how it affects your finances.
By dismantling policies from the so-called mini-budget of just a few weeks ago, Chancellor Jeremy Hunt has rewritten the prospects for your finances.This is how the latest decisions will affect you.The government's Energy Price Guarantee was originally put in place for two years - to limit the price that suppliers could charge for each unit of energy.
After that, the details will be decided by the review, and it is likely that only those with lower incomes would be supported.A cut in the basic rate of income tax - which had been promised by two chancellors this year - has been cancelled. The proposed abolition of the 45% additional rate of tax, which is paid by people who earn more than £150,000 a year, had already been ruled out.Some people are taxed on the share dividends they receive. This tax was increased in April, but was supposed to be reversed in April next year. That reversal will now be cancelled.Mortgage rates have been rising - a trend that was accelerated after the mini-budget.
The backdrop is unchanged. Inflation is still high, and the Bank is still expected to tackle that with higher interest rates. Average rates have been unchanged in recent days. There is no clarity yet about whether this rise will be in line with rising prices, or the lower increase in average wages.
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