Forecasters predict that house prices will drop by thousands
According to the Office for Budget Responsibility, house prices will fall by 4.7 percent next year.
This means that overall house prices will be lower by 7.6 percent compared to January 2022.
Lower levels of demand are predicted to cause a large drop.
The OBR then expects a slow recovery in house prices, but it will take until the second half of 2027 to reach their peak in 2022, they estimate.
It comes as house prices fell at their strongest rate in 14 years in August – with the average value now £259,153, figures show.
The 5.3 per cent year-on-year fall was the biggest since July 2009 and left house prices £14,600 below their August 2022 peak.
Activists criticize Hunt’s tobacco price hike
Campaigners condemned Jeremy Hunt’s move, saying the chancellor had “raised two fingers at working class people across the country”.
Simon Clark, director of smokers’ group Forest, said: “Raising duty on hand-rolled tobacco by such a punitive amount will push more smokers further into poverty or into the hands of illegal traders including criminal gangs.
“This is a clear attack on smokers from poorer backgrounds, many of whom use hand-rolled tobacco because it has previously been cheaper than buying manufactured cigarettes.”
He added: “Instead of punishing adult smokers with punitive taxes designed to force them to quit, the government should focus on the underlying reasons why a higher proportion of people from lower socio-economic backgrounds smoke.
“It’s often because of their environment, but instead of improving the conditions many people live in, this Tory government is determined to force smokers to give up a habit that could alleviate some of the stress caused by their environment.”
New national minimum wage rates
The national minimum wage is the minimum amount to which workers under the age of 21 (but of school-leaving age) are entitled.
Exactly how much you get depends on how old you are.
Here are the new rates that will apply from April 1, 2024:
- People aged 21 and over will get £11.44 instead of the current rate of £10.42
- For 18-20 year olds the rate will be £8.60, an increase of £1.11 on the previous wage of £7.49
- 16-17 year olds will get £6.40, up £1.12 from the previous rate of £5.28
- Apprentice pay will also increase to £6.40 from £5.28
Reeves – ‘The sun is setting on this government’
Speaking during her response to Jeremy Hunt’s autumn statement, shadow chancellor Rachel Reeves claimed the “sun is setting” on this Conservative government.
“As the sun begins to set on this divided, out-of-touch and weak government – it’s clear the economy just isn’t working,” she said.
“Despite all the promises today, working people are worse off.”
Big tax cut for workers
Jeremy Hunt has announced major cuts to national insurance for 28 million British workers since January.
He said the rate of NICs will be reduced from 12 percent of earnings to 10 percent of earnings.
Hunt said: “This means someone on an average salary of £35,000 will save more than £450.”
It’s the long-awaited personal tax cut that many Tory MPs and voters have been pushing for.
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Source: HIS Education