""The limit restricted the UC child element, which is currently £3,500 per year for second and subsequent children, to two children per family apart from children born prior to 6 April 2017 and those who meet certain exemption criteria. "Its removal costs £2.3 billion in 2026- 27 and £3.0 billion in 2029-30. "This includes £300 million by 2029-30 for the cost of an estimated 25,000 additional entitled families making a UC claim as a result of the increase in benefit generosity.""
"The lengthy leaked OBR document says the Chancellor has frozen income tac thresholds for three years, even though Reeve's stated last year that in doing so will "hurt working people." The document reads, "A set of personal tax changes which increase receipts by £14.9 billion in 2029-30, including: freezing personal tax and employer National Insurance contributions (NICs) thresholds for three years from 2028-29, which raises £8.0 billion." The OBR report says the freeze Chancellor will see 780,000 more basic rate, 920,000 more higher rate and there will be 4,000 further additional rate income taxpayers in 2029/2030."
A full Autumn Budget leak projects the debt share of GDP rising to 69% by 2030 and reports sharp market reaction as gilt yields fall. GDP growth forecasts are downgraded to 1.5% in 2025 and 1.9% in the following year. The two‑child limit on the UC child element will be removed from April 2026, increasing benefit generosity and costing billions through the late 2020s. Personal tax and employer NICs thresholds will be frozen for three years, raising receipts substantially and shifting hundreds of thousands of taxpayers into higher tax bands by 2029/30.
Read at London Business News | Londonlovesbusiness.com
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