Simpson Wood Limited Autumn Statement 2022

State pensions and social security benefits All UK-wide benefits, including state pensions (under the ‘triple lock’) and the standard minimum income guarantee in pension credit will increase by 10.1% from April 2023. Plans to create a new housing element of pension credit to replace pensioner housing benefit are now intended to take effect in 2028/29. The benefit cap will be raised from £20,000 to £22,020 for families nationally and from £23,000 to £25,323 in Greater London. For single adults, the national cap will increase from £13,400 to £14,753 and the cap in Greater London will rise from £15,410 to £16,967. Households on means-tested benefits will receive an additional £900 cost of living payment in 2023/24. Pensioner households will receive an extra £300 cost of living payment, and individuals on disability benefits will get an extra £150 disability cost of living payment. UC claimants will be able to apply for a loan to help with mortgage interest repayments after three months, instead of the current nine months. The zero earnings rule will be abolished in Spring 2023 to allow claimants to continue receiving support while they are in work and on UC. Energy price support The domestic energy price guarantee (EPG) will increase to £3,000 for one year from 1 April 2023 and equivalent support will continue to be provided in Northern Ireland. However, the parameters of the EPG scheme may be revised. The support for households that use alternative fuels, such as heating oil, to heat their homes will be doubled to £200 for 2022/23. Social care funding in England The implementation of the plans to reform the funding of social care in England, recently legislated for in the Health and Care Act 2022, will be deferred for two years until October 2025. Council tax in England Local authorities in England will be able to increase council tax by up to 3% a year from April 2023 without needing to hold a referendum. Authorities with social care responsibilities will also be able to increase the adult social care precept by up to 2% a year. 6 AUTUMN STATEMENT l 17 November 2022