{"id":49816,"date":"2022-11-18T12:49:23","date_gmt":"2022-11-18T12:49:23","guid":{"rendered":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/?p=49816"},"modified":"2022-11-18T14:34:35","modified_gmt":"2022-11-18T14:34:35","slug":"1234-here-comes-jeremy-hunts-autumn-score","status":"publish","type":"post","link":"https:\/\/blog.westminster.ac.uk\/thevoiceoflondon\/1234-here-comes-jeremy-hunts-autumn-score\/","title":{"rendered":"Autumn Budget: How will it affect young people in London?"},"content":{"rendered":"\n

\u201cHere we are at the end of 2022, three prime ministers, four chancellors and four budgets later,\u201d remarked Shadow Chancellor, Rachel Reeves.<\/strong><\/p>\n\n\n\n

Following the exit of Liz Truss as PM, and Kwasi Kwarteng as Chancellor, the UK has been anxiously awaiting Jeremy Hunt\u2019s Autumn Statement after the disaster of the infamous \u201cmini-budget.<\/p>\n\n\n\n

For weeks, there has been speculation about how the Chancellor would plug the \u201cblack hole\u201d (of a speculated \u201c\u00a335bn to \u00a360bn\u201d<\/a>) in the British economy. Thursday\u2019s address at 11:30am, outlined just how the Chancellor plans to transform Britain into \u201cthe world\u2019s next Silicon Valley\u201d.<\/p>\n\n\n\n

The UK\u2019s Inflation rate is set to drop by 1.7% by next year, but we are officially in a recession according to the OBR. So, how will this new budget affect young Londoners?<\/p>\n\n\n\n

Firstly, let\u2019s start with the good news: if you\u2019re 23 or over, your National Living Wage will increase from \u00a39.50 to \u00a310.42 from April of next year. Rental price rises will be capped at 7% over the next financial year, which will hopefully help private renters to stay in their tenancies, and ease the current rental crisis in London.<\/p>\n\n\n\n

\n

According to the budget,
"UK national living wage for people over 23 to increase from \u00a39.50 to \u00a310.42 an hour from next April"

That means if you do a 10hr shift, you will get c. \u00a3104 a day before tax. That's just over \u00a32,000 a month without working weekends<\/p>— Toyyib Adewale Adelodun (@taadelodun) November 17, 2022<\/a><\/blockquote>