Autumn Statement 22: Cost of living help set out for energy, pensions and wages

To help with energy costs, the government’s Energy Price Guarantee scheme will be extended, but made less generous.

Millions of households will see their energy bills go up by hundreds of pounds a year from April, but the government said that this increase is less than would be the case without its support. 

A household using a typical amount of gas and electricity will pay £3,000 annually, up from £2,500, as the Energy Price Guarantee rises. The scheme will run for 12 months from April.

Autumn Statement 22: Government unveils £13.6bn package to support business rates payers

Also announced was targeted support for those on low incomes, disability benefits and pensioners.

Additional payments of £900 will be paid to those on means-tested benefits, £300 to pensioner households and £150 to people on disability benefits.

Workers on the National Living Wage will also receive a boost. It will be increased from £9.50 an hour for over-23s to £10.42 from April next year, raising the pay of about two million people.  

Benefits will also rise in line with inflation, the chancellor confirmed, after arguments within the Conservative party had broken out when this was suggested to be changed.

Means-tested benefits, including Universal Credit, will rise in line with September’s inflation figure of 10.1% from next April. By law, some disability benefits must rise in line with inflation each year anyway.

Autumn Statement 22: Government backs state pension triple lock

Pensions will also rise by 10.1% from April, in line with September’s inflation figure, keeping the “triple lock” on the state pension that means it rises in line with the highest of earnings, inflation, or 2.5%.

It had been suggested the triple lock could have been dropped to save the government billions of pounds, but this was also met with fierce backlash from Conservative MPs.

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