A HUGE rule change is comes into force next week that could see more than 120,000 Brits might lose their Universal Credit payments.
Chancellor Kwasi Kwarteng announced on Friday a huge rule change for those claiming Universal Credit, which could affect up to 200,000 Brits.
On 26 September the Administration Earnings Threshold is going to change, which will affect everyone receiving the Department for Work and Pensions payment.
It will change from £355 a month for single claimants to £494 and £567 of joint claimers to £782.
Any Brits earning less than these news stated amounts, are being moved onto “intensive work search” and they will be required to meet regularly with their Work Coach to find other ways of earning more money if not their benefits will be cut.
Read our live blog below for the latest updates….
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How much is one-off pensioner cost of living payment worth?
A £300 one-off “Pensioner Cost of Living Payment” will be paid to eight million households from November.
The following must apply to qualify for the Winter Fuel Payment and Pensioner Cost of Living Payment:
You were born on or before 25 September 1956
You lived in the UK for at least one day during the week of 19 to 25 September 2022 – this is called the ‘qualifying week’
Click here to read more.
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Tax giveaway and energy bills freeze part of Liz Truss’s big gamble
Liz Truss is hoping her £45billion tax break and a £60billion energy freeze will help jumpstart the sluggish economy.
The package represents the biggest shift away from government policy over the last 12 years.
Chancellor Kwasi Kwarteng hopes the measures will lead to 2.5 percent growth per year.
Click here to read more.
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£1,500 worth of payments to be released between now and Christmas
Here is a list of the payments for the cost of living.
- July to September – £650 cost of living payment
- September – £150 disability cost of living payment
- October to March – £400 energy rebate
- November to December – £300 pensioner cost of living payment
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How will Friday’s tax cuts affect your wages?
On Friday, Liz Truss announced a so-called “mini-budget.”
This announcement brought forward a cut to income tax and reverse a 1.25% point hike to National Insurance.
So, how will you be affected?
Click here for more details on the tax cuts.
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What does Martin Lewis think about the mini budget announcement?
Martin Lewis has expressed his concern regarding today’s “mini budget” announcement.
Following the Chancellor’s Mini Budget, Martin Tweeted: “That really was quite a staggering statement from a Conservative Party government.
“Huge new borrowing at the same time as cutting taxes.
“It’s all aimed at growing the economy. I really hope it works. I really worry what happens if it doesn’t.”
Click here for more analysis by the UK’s resident Money Saving Expert.
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Aldi’s popular toy range returns just in time for Christmas
Aldi’s iconic wooden toy range, which starts at just £15, is returning in time for Christmas.
As bills continue to rise, this line of toys is a great way to get Christmas gifts.
Here’s a full list of toys available this year along with their prices:
- Wooden Rainbow Climbing set: £59.99
- Wooden Baby Unit: £44.99
- Wooden Aldi Supermarket: £39.99
- Wooden Launderette: £34.99
- Wooden Play Shop/Theatre: £29.99
- Noah’s Arc/Nativity Scene: £14.99
- Hand Puppet Bundle: £14.99
Click here for more details.
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Stamp duty CUT for first-time buyers
In Chancellor Kwasi Kwarteng’s latest mini-budget, no home sold for less than £250,000 will have to pay stamp duty.
This will cover a third of properties.
For the first time, that threshold will rise from £300,000 to £425,000.
Click here to read more.
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FREE debt advice for struggling Brits
There are various services available as costs mount.
Here are some free services that may be of use:
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Government wage ‘class war’ with working people
The General Secretary of the RMT, Mick Lynch, gave his thoughts on the mini budget, which was unveiled yesterday.
He told LBC’s Ben Kentish the UK risks having “the most right-wing, extreme and militant government” ever, one that’s “declaring class war on ordinary people” with its mini budget.
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Are airfryers more energy efficient than ovens?
You will have seen airfryers all over the internet by now, they have taken the culinary world by storm.
The small appliances aren’t actually fryers, but they have been heralded for not pre-heating and switching themselves off.
A typical airfryer uses 1500W of energy per hour.
They typically can hold up to six portions of food.
The Express held a comparison between the two and found that for the same meal it cost:
- The airfryer cost 20p to use for 15 minutes
- An oven cost 42p to use for 41 minutes (11 minutes heating up, 30 minutes to cook)
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Tax cuts won’t ‘suddenly unlock’ economic growth
CBI boss has warned the Chancellor that there are elements of the mini budget that may not give as much change as was hoped.
Tony Danker told The Independent: “If they (ministers) are hoping that simply reversing the 6-point corporation tax rise will suddenly unlock growth when actually firms still pay 19 per cent, it is not going to do all the work,” he said. “We need a broad-based plan.”
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Universities are setting up food banks for students
It was revealed recently by a Student Beans survey that three in four students feel left out in the cold from the cost of living government help.
To help students,Newcastle University’s student union (NUSU) says it plans to open a free ‘pantry’ to all students, Metro reported.
The university discovered that 93 per cent of students are cutting back on their spending this year.
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How much is one-off pensioner cost of living payment worth?
A £300 one-off “Pensioner Cost of Living Payment” will be paid to eight million households from November.
The following must apply to qualify for the Winter Fuel Payment and Pensioner Cost of Living Payment:
You were born on or before 25 September 1956
You lived in the UK for at least one day during the week of 19 to 25 September 2022 – this is called the ‘qualifying week’
Click here to read more.
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Mini heater that could be a big help this winter
This tiny device runs at the quarter of a cost of a normal heater.
Costing less than £15 The Portable Mini Electric Fan Heater is available at Amazon.
It costs about 14p per hour, compared to 56p per hour with larger heaters.
You can plug it into the mains, and it is absolutely tiny so won’t take up much space.
One review read: “Ideal for warming up a room in between central heating cycles, saves pressing the advance button on the main heating.”
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How will National Insurance changes affect people’s incomes?
Those earning £20,000 will save £93 a year.
People earning £30,000 a year will save £218 a year and those on £40,000 will save £343 a year.
Employees on £50,000 will save £468 a year and individuals on £60,000 will save £593 a year.
Click here to read more.
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Expert claims National Insurance cut will boost pay
Sarah Coles, personal finance expert at Hargreaves Lansdown said: “At this stage, every extra penny in our pockets is welcome, so the National Insurance cut will come as a welcome boost for the finances of millions of taxpayers.”
My Pension Expert executive chairman Andrew Megson added the National Insurance cut will “boost the amount of pay people in work take home each month”.
Click here to read more.
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How will National Insurance changes affect people’s incomes?
Those earning £20,000 will save £93 a year.
People earning £30,000 a year will save £218 a year and those on £40,000 will save £343 a year.
Employees on £50,000 will save £468 a year and individuals on £60,000 will save £593 a year.
Click here to read more.
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Other measures the Chancellor announced in Mini-Budget
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How will the National Insurance cut help you?
Millions of households will save £330 a year thanks to Chancellor Kwasi Kwarteng’s cut to National Insurance contributions in his mini-budget.
Click here to read more.
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How much is one-off pensioner cost of living payment worth?
A £300 one-off “Pensioner Cost of Living Payment” will be paid to eight million households from November.
The following must apply to qualify for the Winter Fuel Payment and Pensioner Cost of Living Payment:
You were born on or before 25 September 1956
You lived in the UK for at least one day during the week of 19 to 25 September 2022 – this is called the ‘qualifying week’
Click here to read more.
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Kwasi Kwarteng’s Mini-Budget energy bill help explained
Chancellor Kwasi Kwarteng’s Mini-Budget will provide millions of households with help for their energy bills.
Energy suppliers will provide households with energy efficient improvements under the Chancellor’s expanding energy company obligation.
Liz Truss froze energy bills for two months earlier this month, which will ensure that households will not pay more than £2,500 under a new Energy Price Guarantee.
Click here to read more.
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New tool helps you compare cost of living around the planet
Many people are opting to move abroad following the cost of living crisis.
A new online tool from Serbian-based website Numbeo puts together information from across the globe about the price of everyday purchases.
“Everyone can add the data, like Wikipedia,” Mladen Adamovic, CEO of Numbeo tells Euronews Travel.
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Stamp duty CUT for first-time buyers
In Chancellor Kwasi Kwarteng’s latest mini-budget, no home sold for less than £250,000 will have to pay stamp duty.
This will cover a third of properties.
For the first time, that threshold will rise from £300,000 to £425,000.
Click here to read more.
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What tax measures are in the budget?
31 million workers will see their taxes slashed by a penny – from 20p in the pound to 19p.
600,000 of the highest earners will see the 45p top rate of income tax abolished.
The average worker will get an extra £300 a month following the reversal of former chancellor Rishi Sunak’s decision to increase National Insurance.
Click here to read more.
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Tax giveaway and energy bills freeze part of Liz Truss’s big gamble
Liz Truss is hoping her £45billion tax break and a £60billion energy freeze will help jumpstart the sluggish economy.
The package represents the biggest shift away from government policy over the last 12 years.
Chancellor Kwasi Kwarteng hopes the measures will lead to 2.5 percent growth per year.
Click here to read more.
