Autumn Statement 2023 live as Universal Credit and state pension changes to be announced

Ordinarily, benefit payments would be expected to be increased in line with inflation from next spring. If that doesn't happen, it means a real-terms cut to what benefit claimants are paid.

The Government has already announced tough measures targeting the unemployed. It remains to be seen whether benefits will be raised to match inflation.

Changes to stamp duty could also be announced in the Autumn Statement. An explainer on possible changes and what they could mean here.

The news last week that inflation had fallen sharply to 4.6% was welcime news, and it came at a great time for the Government. Without it, it would have made cutting National Insurance more difficult.

The Chancellor had previously said he was reluctant to cut taxes while inflation remained so high. The Government will hope the announcement on National Insurance will calm pressure for tax cuts from the Tory backbenchers.

One of the key changes announced today will be around benefits. The Government is getting tougher with claimaints and wants more people to do more to show they are looking to get off benefits and into work.

The Prime Minister and Chancellor believe too many people have "chosen" a life on benefits. Those who have been unemployed for 18 months will have their cases reviewed, and could face cuts to their payments.

They will have to meet with a work coach, who will set work search conditions in an effort to get them a job. If they don't comply, other benefits could also be taken away such as free prescriptions, dental care, legal aid and help with energy costs.

Chancellor Jeremy Hunt will deliver his Autumn Statement from the House of Commons from 12.30pm. He will make a series of key announcements on finances and spending, including tax, benefits and pensions.

The expected National Insurance cut will bring a boost for households, and allow them to keep more of what they earn. For someone earning £50,000, a 1% cut would see them keep an extra £500 a year.

Read an explainer on the cut here.

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".

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.

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.

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.

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.

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.

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.

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.

Chancellor Jeremy Hunt is due to deliver his Autumn Statement from around 12.30pm in the House of Commons.

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.