Page 12 - Budget Newsletter November 2022
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OBR’s financial projections assumed that this increase would go ahead, but also labelled it
as a ‘fiscal risk’.
Council tax in England
The current rules require councils in England to hold a referendum on any increase to
Council Tax of more than 2.99% (including a 1% social care precept). For 2023/24, the
referendum threshold will be increased to 5% (including a 2% social care precept).
Social security benefits
The rumours about what increases would apply to benefits, especially the ‘triple locked’
state pension, were many and various in the run up to the Autumn Statement. In the
event, the Chancellor decided that, from next April, all benefits that apply throughout the
UK, including state pensions and the standard minimum income guarantee in Pension
Credit, will increase by 10.1%. The benefit cap will also rise by 10.1%.
In 2023/24, households on means-tested benefits will receive an additional £900 Cost of
Living payment, pensioner households an additional £300 and disability benefits
claimants an additional £150. These payments are cumulative, so the maximum overall
payment would be £1,350.
Raymond James Budget Newsletter November 2022 11
