Chancellor Jeremy Hunt is set to deliver his Autumn Statement today - and it could mean big changes in terms of how much money families receive each month. Mr Hunt will provide an update on the nation's finances and spending plans in his speech from 12.30pm.
A number of announcements are expected to impact people across the country, including around tax, benefit payments and pensions. Prime Minister Rishi Sunak has hinted at tax cuts, meaning workers will take home more of what they earn every month.
It's being reported National Insurance could be cut. Universal Credit and other benefit payments would normally be expected to rise in line with inflation every spring, and Mr Hunt should outline if this will be the case in 2024.
READ MORE: Three big announcements this week which could give millions of people more money
Rises to the state pension could also be confirmed. Under the Government's triple lock commitment, state pension payments should rise in line with wages, around 8.5%. The Chancellor is set to address the House of Commons at 12.30pm.
It remains to be seen whether there will be any other surprise announcements designed to woo voters ahead of the general election next year.
Follow our live blog below for latest updates.
'Now is the time to cut tax'
Prime Minister Rishi Sunak offered a hint of what was to come in a speech this week, when he said now was the time to cut taxes. The PM has been facing growing pressure from his backbenchers to introduce tax cuts often associated with Conservative governments.
Mr Sunak has insisted taxes could only be cut once inflation was under control. Now inflation is finally falling, he says that can happen. The PM said taxes would be reduced in "a responsible way".
Why this Autumn Statement matters to the Government
It's a big one for the Government. And it may well be the last Autumn Statement before the general election.
With the Conservatives lagging behind in the polls, it is one of the last major opportunities to change the minds of some voters - and they may think what better way to do that than by giving them more money.
Tax cuts always go down well with voters - allowing people to keep more of their own money, particularly when times are tough. That may have formed some of the thinking ahead of an expected National Insurance cut.
What is the pension triple lock?
The Government's triple lock pledge guarantees the state pension rises by a certain amount each year - what is highest out of 2.5%, wage increases or inflation. This year, wages have risen the most, by 8.5% including bonuses.
It means the Chancellor should, if he is to abide by the triple lock pledge, increase state pension payments by 8.5% from April.
State pension changes
Increases to the state pension should be confirmed during the Autumn Statement, in line with the Government's triple lock commitment. This year, that would mean a rise of 8.5%.
It would bring a weclome boost to pensioners up and down the country.
Benefits crackdown
The Chancellor has already spoken about his plans for a benefits crackdown. Tougher rules will leave people facing sanctions on their payments if they are not deemed to be making enough effort to find work.
Mr Hunt claimed more people had "chosen" a life on benefits and given up on finding a job. The tough changes are designed to stop that. More details on the plans can be seen here.
What can we expect to be announced?
The headline announcement is expected to be a cut in National Insurance for millions of workers. It would mean millions of workers taking home more of what they earn, delivering a boost during the cost of living crisis.
Jeremy Hunt has been reluctant to cut tax up to now because of soaring inflation but both he and Prime Minister Rishi Sunak have signalled now is the time.
National Living Wage rise announced
It has already been revealed, ahead of the Autumn Statement, that the National Living wage is to rise for millions of workers. All full-time workers on the National Living Wage will get a pay rise of over £1,800 a year.
Full details on the increase can be seen here.
Autumn Statement explained
You could be forgiven for not knowing what the Autumn Statement is. It is essentially an update from the Chancellor on the nation's finances and the Government's spending plans - a mini version of the annual Budget.
But his key announcements affect everyone, in terms of how much money they receive - be it their own earnings, benefit or state pension payments.
What time is the Autumn Statement?
Chancellor Jeremy Hunt is due to deliver his Autumn Statement from around 12.30pm in the House of Commons.
Autumn Statement to be announced today
Welcome to our live blog on the Autumn Statement. We will be providing updates throughout the morning on what is expected today and what it all means.
