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From last year, for the first time ever, you can earn £1,000 a month without paying a penny of tax or national insurance. “But since the pandemic, things have being going in the wrong direction.
The National Living Wage was phased in between April 2016 and April 2020, with the aim of reaching 60% of median UK earnings by 2020. For over-25 year old employees, the wage began at £7.20 per hour in April 2016 and was projected to rise to at least £9 per hour by April 2020. [2]
The National Minimum Wage Act 1998 (c. 39) creates a minimum wage across the United Kingdom. [2] From 1 April 2024, the minimum wage is £11.44 per hour for people aged 21 and over, £8.60 for 18- to 20-year-olds, and £6.40 for 16- to 17-year-olds and apprentices aged under 19 or in the first year of their apprenticeship. [3]
By July 2022, inflation had risen to over 10%, the highest level in 40 years, and the Bank of England was forecasting it could reach 13% by the end of the year. Energy costs for the typical British household were expected to rise 80% from October 2022, from £1,971 to £3,549, [ 17 ] until Liz Truss , who was Prime Minister at the time ...
Daylight saving time began in 2024 on Sunday, March 10, at 2 a.m. local time, when our clocks moved forward an hour, part of the twice-annual time change.
Daylight saving time began in 2024 on Sunday, March 10 at 2 a.m. local time, when clocks moved forward an hour, part of the twice-annual time change. The current time change is set to end on Nov ...
In financial year 2018-19, debt interest was £43 billion - around 5% of total government spending [11] compared to around 10% in 2023-24. HM Treasury controls the overall budget for administration [12] in central government, which largely comprises staff costs. In 2023-24, this totalled £14 billion. [13]
The increase had been planned to become effective in 2015 but was brought forward one year. Before the 2012 budget, the rate of corporation tax in the UK was 26%. In his 2013 budget, Osborne announced another reduction in the rate in 2015 to 20%. The reductions would be offset by the bank levy.