Will I make any savings after chancellor's Autumn Statement?

Jeremy Hunt confirmed UK was in recession as he set out new government's spending plans.

Autumn Statement: How does Jeremy Hunt’s plan affect my money in Scotland iStock

The chancellor Jeremy Hunt has set out the new government’s financial plans in his autumn statement.

He said the Scottish Government would get £1.5bn “for schools and the NHS” – however, it will be up to ministers at Holyrood to decide how to spend that cash.

Hunt increased income tax for millions of higher earners – but that won’t directly apply north of the border unless the Scottish Government decides to follow suit.

He confirmed the UK was in recession, with inflation at a 41-year high of 11.1%, while a host of public-sector strikes are looming in rows over pay.

How am I affected in Scotland?

Personal tax

Amount people earn before paying national insurance (£12,570) and inheritance tax (£325,000) frozen for two years.


Working age and disability benefits to rise 10.1%, in line with inflation.


The state pension will rise in April in line with inflation.

Cost of living

Payments for the “most vulnerable” include £900 for those on benefits, £300 for pensions and £150 for those on disability benefit.


Typical energy bills will rise from £2,500 to £3,000 for a year from April.

Schools and NHS

As a result of new spending, the Scottish Government will get £1.5bn for education and the health service, the chancellor said.


The national living wage will rise by 9.7% in April, increasing the hourly rate to £10.42.


Electric vehicle owners will start paying road tax in April 2025.

Windfall taxes

Profits levy on energy firms increased from 25-35% between January 1 and March 28.

45% levy on electricity generators to be introduced from January 1.


68% reduction in UK’s emissions by 2030.

£6bn investment in energy efficiency from 2025.


The defence budget will remain at a minimum of 2% of GDP.

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