How could the Autumn Statement affect you?

The Momentum UK Team 12 December 2013

Here's our round-up of some of the key personal finance announcements:

Personal Allowance set to rise

Personal allowance will rise to £10,000 from April ‘14 and a marriage tax allowance will be introduced from April '15 in line with this increase. It’s thought that this could save some couples as much as £200 a year. Want to know how this might affect your finances? Why not check out our Tax Calculator.

Pension age increasing sooner than expected

Next April (2014) the state pension is set to increase by £2.95 a week. Over the year this means some pensioners will have over £800 extra in their pockets. The pension age for those currently under 40 is also likely to rise in the mid 2030s to keep in line with life expectancy.

Student numbers cap lifted

The cap on student numbers will be abolished, and 20,000 apprenticeships created.

Fuel may be cheaper

If you spend a lot of time on the road then you’re in luck as there will be no fuel duty rise this year, which could save motorists around 2p a litre.

Train fares to remain stable

Commuters that hop on the train to work each day will be relieved to know that rail fares won’t increase by 1pc above inflation, and will remain flat in real terms this year.

Welfare spending cap will be introduced

Osborne also announced that there will be a cap on total welfare spending, although this will exclude several benefits including state pension and JobSeeker’s Allowance.

What is the Autumn Statement?

The Autumn Statement is an update on the government's spending and taxation plans for the year ahead and is based on figures provided by the Office for Budget Responsibility, Britain’s independent fiscal watchdog. As well as determining whether the government will meet their own fiscal objectives, this statement also outlines plans for the UK’s financial future.