What will be in the Autumn Statement?

The 2023 Autumn Statement (sometimes also called the autumn budget) will be announced on Wednesday 22 November.

Three things the government needs to prioritise in this year’s Autumn Statement.

1. We want to see the Government support people in an era of high costs and low incomes

Next April (2024) we want to see the levels of social security rise in line with inflation, so that incomes keep pace with the rising cost of essentials.

2. We want to see the Government go further and make sure incomes are adequate to live on

This means making a commitment to tackle UK poverty, by reviewing the Minimum Income Standards in both social security and wages.

3. We want to see households protected from high energy costs over the next year

With energy prices set to remain high into the next decade, we are calling on the Government to put in place long term and targeted support so that everyone can afford to keep warm and safe.

Five things rumoured to be in the 2023 Autumn Statement.

It’s likely that social security will not be uprated in line with inflation, and that changes in disability benefits will be announced. 

The BBC has reported that Rishi Sunak is under pressure from ministers to increase housing benefit amid record numbers of people in temporary housing. Housing Secretary Michael Gove and Work and Pensions Secretary Mel Stride have written to the prime minister and the chancellor demanding an increase in Local Housing Allowance rates.

Find out if you’re receiving all the benefits you’re entitled to, using our Benefits Calculator. Since launching a year ago, it has identified a total of £100,000,000 in extra annual income for users! 

During the Conservative party conference in October, Hunt committed to increasing the National Living Wage to over £11 an hour from April 2024. It is likely that this will be formally announced in his Autumn Statement.

The government introduced the mortgage guarantee scheme in 2021 to help first-time buyers and existing homeowners secure a mortgage with just a 5% deposit. The scheme is due to end on 31 December 2023, but The Sunday Times reports that the Chancellor may be considering extending it by another year.

The government is legally required to increase the basic and new State Pension each year at least in line with average earnings. The triple lock is unlikely to be followed. According to the Financial Times, the government is considering using the 7.8% ​‘average growth in regular pay’ figure, which excludes bonuses. 

There have been rumours of an announcement about savings – an additional ISA allowance of £5,000 on top of the existing £20,000 that can only be used to invest in UK companies.

We’ll be watching the Autumn Statement with interest on 22 November to see which of our hopes and predictions feature. And we’ll be sharing our response to the announcement here and on social media.