A targeted boost to Universal credit
- In the Autumn Budget, the Chancellor set out further plans to ensure that work pays and that those on the lowest-incomes are protected.
- That is why we announced plans to cut the Universal Credit taper rate, and as of today, it has been cut by eight pence, from 63p to 55p. Combined with the £500 increase in the Work Allowance, this will help hard-working families in the run up to Christmas, and allow them to keep an additional £1,000 a year of what they earn.
- This will provide an important boost to the lowest-income families across the country, while making sure that work pays as we build back better.