- State pension will go up by 2.5% - to £110.15 per week
- Osborne: Working age benefits are being capped for first time. Those of out of work benefits seen their incomes rise twice as fast as those in work (10% v 20%)
- A similar approach of a 1% rise will apply to those in receipt of benefits (carers and disability benefits to increase with inflation)
- JSA employment allowance income support uprated by 1% for next 3 years
- Working tax credits by 1% for next three years (although current freezes will still apply)
- It saves £3.7bn in 2015/16 says the Chancellor
Britain may face further cuts and tax rises even after the next elections, the Institute for Fiscal Studies warned today.
While Chancellor George Osborne's Autumn Statement was mainly about spending cuts, there were incentives too but do the numbers add up?
The cap on benefits rises will mean a cut in real terms for people living on welfare and those on low incomes, as Penny Marshall finds out.