Following the state funeral on Monday 19th September 2022, the government are expected to hold a fiscal event or mini -budget to move forward with plans to assist with the cost of living crisis.
Increasing indication are that this will take place on Friday 23rd September 2022.
There are some likely areas of payroll impact including:
- Additional changes to National Insurance Contributions (reversing the April rise)
- Future of the Health and Social Care Levy
- Adjustment to Income Tax
- Rise to National Minimum and Living Wage
Commenting on Wednesdays inflation figures, which show CPI at 9.9% TUC General Secretary Frances O’Grady said:
“Inflation is still very high and hitting family budgets hard. The Chancellor’s mini budget next week should use the power of government to help with surging costs this winter.
“He should fund a proper cost of living increase for public sector workers. He should bring forward an immediate increase to the minimum wage this autumn. And he should boost universal credit now, instead of waiting until April for the next rise.”
Payroll software, service and professional may need to prepare to act quickly to apply any immediate changes – significant is the new prime ministers commitment to reverse the National Insurance rise.
PAYadvice.UK 15/9/2922 updated
