Working

Almost half a million workers are set to see their hourly pay rise by 5% due to an increase in the 'real living wage' – a voluntary employers' pay scheme based on the cost of living. Those covered by the scheme will see their pay rise to at least £12.60 an hour, while those in London will get £13.85 an hour.

Chancellor Rishi Sunak has announced sweeping changes to national insurance contributions (NICs) that will see a typical employee saving over £330 a year from 6 July 2022. The change comes as part of today's Spring Statement, with other key announcements, which we will round up below, including the basic rate of tax being cut by 1 percentage point from April 2024 and fuel duty rates being cut by 5p/litre.