Budget 2022: What we know already

Budget 2022: What we know already

  • The National Living Wage will increase to £9.50 from this coming April
  • An end to the Public Sector Pay Freeze
  • £5.9 billion promised for the NHS to deal with the back log of tests and scans
  • £2.6 billion promised to education to create places for student with additional needs
  • National Insurance will increase by 1.25% for those earning above £9,568 from this coming April
  • £ 6.9 billion promised to improve transport, mainly rail, bus and cycle routes
  • £5 billion promised to science, research and innovation
  • £1.8 billion promised for new "green" housing developments
  • 1.4 billion to be used to attract forign investment into UK businesses
  • 6 month extension to the Covid Recovery Loan Scheme
  •  £700m promised to the new post-Brexit borders and immigration system, as well as a new maritime patrol fleet
  •  £435m for victims services, crime prevention and the Crown Prosecution Service
  • £9 million to develop new green spaces throughout the country
  •  £5m in research grants to help develop new surgery and treatment options for veterans
  • £850m to restore museums and art galleries
  • £700m for football pitches, tennis courts and youth facilities

There has been much speculation about some changes to Universal Credit appearing in the Budget Statement today. A possible change to the taper rate of Universal Credit is one rumour. This would mean that those who are working and still in receipt of Universal Credit would be able to earn more from a wage, before it reduces their Universal Credit.

Another area where changes are expected to be announced today is Student Loans.

Listentotaxman will keep you up to speed with live Twitter updates this afternoon, as changes are announced. We will also produce a Budget Summary article later today.