Chancellor of the Exchequer, , said:
“Even in the face of global economic challenges, the UK labour
market remains resilient with a record number of employees on
payrolls.
“The single best way to help people’s wages go further is to
stick to our plan to halve inflation this year. We must not do
anything that risks permanently embedding high prices into our
economy, which will only prolong the pain for everyone.”
Additional information
- The unemployment rate remains low (3.7%) by historical
standards.
- There 29.9 employees on payrolls in December 2022, almost
900,000 above pre-pandemic levels.
- As set out at the Autumn Statement, the Department for Work
and Pensions will thoroughly review workforce participation to
understand what action should be taken on increased economic
inactivity, which will conclude in early 2023.
- Monetary policy is the responsibility of the independent Bank
of England. The government remains fully committed to the Bank’s
independence, and the inflation target of 2%.
- In addition to the Energy Price Guarantee this winter, which
is saving the average household £900 on energy bills, the
government provided £1200 worth of support to the most vulnerable
households for 2022-23:
- £650 in cost of living payments;
- £400 through the Energy Bill Support Scheme;
- £150 Council Tax rebate;
- Additional support for pensioners and those claiming
disability benefits.
- The government has announced further support on the cost of
living in 2023-24, targeted at those most in need:
- UK households on means-tested benefits will receive a
further £900 Cost of Living Payment;
- Pensioner households across the UK will receive an
additional £300 Cost of Living payment;
- People across the UK on non-means-tested disability
benefits will receive a further £150 Disability Cost of
Living payment, to help with the additional costs they
face.
- We have extended the Household Support Fund for another year
in England, with £1 billion of extra funding (including Barnett
funding for the devolved administrations).
- The government has introduced changes to the Energy Price
Guarantee (EPG), building on the measures already announced which
provided much needed support to domestic and non-domestic users.
The action taken on Energy support at the Autumn Statement will
reduce the fiscal impact of the package whilst saving the average
UK household £500 in 2023-24 from a £3000 Energy Price Guarantee.
