day—to—day expenses. £37.50 per month is half a grocery shop, at best. . , ., best. that is what we were discussing _ best. that is what we were discussing with _ best. that is what we were discussing with our - best. that is what we were discussing with our little i discussing with our little correspondence, because of the fiscal drag, a terrible phrase, it means more of us are paying tax, because the thresholds at which you start paying tax have not changed for a long time, and as wages go up, more of us are put into new tax brackets. and that is cancelling out anything the chancellor offered today? anything the chancellor offered toda ? ~ , ~ anything the chancellor offered today? absolutely. with income tax s-ends today? absolutely. with income tax spends frozen _ today? absolutely. with income tax spends frozen until— today? absolutely. with income tax spends frozen until 2028, _ today? absolutely. with income tax spends frozen until 2028, it - today? absolutely. with income tax spends frozen until 2028, it means| spends frozen until 2028, it means we will be paying back more tax overall. if i could be really honest, listening to the autumn statement today, it was a bit like waiting for a sneeze that never comes, there were things i was expecting to hear around increasing the isa allowance, reforming the lifetime i won, and changes to income tax, and none of that came. i agree with some of the commentary, some of the conversations you have a before, that may be stuff was being

held back to the spring budget, but there just wasn't a lot today, in my opinion. there just wasn't a lot today, in my oinion. , , there just wasn't a lot today, in my oinion. ,, opinion. even the issue you mentioned _ opinion. even the issue you mentioned about _ opinion. even the issue you mentioned about pensions, opinion. even the issue you - mentioned about pensions, the idea that we would have one pot that travels with us wherever we go and work, and new employers would pay into it, at this stage, it is a consultation, a promise to talk about it, no commitment on it? it’s about it, no commitment on it? it's about it, no commitment on it? it's a aood about it, no commitment on it? it�*s a good idea in principle. for people who don't know, even if you work for an employer and you move house, and you don't tell your previous pension provider what your new address is, the money is designated as lost, so it is something that could help. it is like an initial conversation now. it would be interesting to see what they do next year, when the election is due. it they do next year, when the election is due. , ., is due. it is worth reminding --eole, is due. it is worth reminding peeple. that _ is due. it is worth reminding people, that inflation - is due. it is worth reminding people, that inflation issuel is due. it is worth reminding | people, that inflation issue is still a big problem. we know it has come down significantly from a peak of more than 10%, it is now 4.6%. the target is 2%. it is often the

case that the last couple of percentage points are the most sticky, the ones that are hardest to get rid of. inflation is essentially a tax on all of us, so tackling inflation will be a priority? iniui’itli inflation will be a priority? with inflation will be a priority? with inflation at _ inflation will be a priority? with inflation at 4.696, _ inflation will be a priority? with inflation at 4.6%, it _ inflation will be a priority? with inflation at 4.696, it is - inflation will be a priority? tn inflation at 4.6%, it is more inflation will be a priority? ii�*u inflation at 4.6%, it is more than double the target rate of 2%. credit where credit is due, if you compare the uk now to the tumult of 2022, i think that rishi sunak and jeremy hunt have done a good job at steadying the ship, and delivering on the promise that they made at the start of the year to halve inflation. i'm not really too sure whether they were fully responsible for that or if it is more a causal thing. but i think we are in a better position now than we were at this time last year, and we will have to see what they do in the

general election year. ads, have to see what they do in the general election year.— have to see what they do in the general election year. a lot to play for. general election year. a lot to play for- really — general election year. a lot to play for- really good — general election year. a lot to play for. really good to _ general election year. a lot to play for. really good to have _ general election year. a lot to play for. really good to have you - general election year. a lot to play for. really good to have you with l for. really good to have you with us. thank you for talking us through that. that is some other personal finance issues that people will be contending with. what change does it mean for your personal budget? we will answer some of your questions on that later this afternoon. but one of the other key announcements in the autumn statement was around benefits. let explain whatjeremy hunt explained in the commons a little earlier. indie hunt explained in the commons a little earlier.— little earlier. we will reform the rocess little earlier. we will reform the process so _ little earlier. we will reform the process so that _ little earlier. we will reform the process so that treatments, - little earlier. we will reform the i process so that treatments, rather than time off becomes the default. we will reform the work capability assessment to reflect greater flexibility and availability of home—working after the pandemic. and we will spend £i.3 billion over the next five years to help nearly 700,000 people with health conditions find jobs. 700,000 people with health conditions findjobs. 0ver180,000 more people will be helped through the universal support programme, and

nearly 500,000 people will be offered treatment for mental health conditions and deployment support. 0ver conditions and deployment support. over the forecast period, the obr judged these measures will more than half the flow of people who are signed off work with no worker search requirements. at the same time, we will provide another £i.3 billion of funding to offer extra help to the 300,000 people who have been unemployed for over a year without any sickness or disability. but we will ask for something in return. if, after 18 months of intensive support, job—seekers have not found a job, we will roll out a programme requiring them to take part in monetary work placement, to increase their skills and improve their employability. if they choose not to engage with the work search process for six months, we will close their case and stop their benefits. ., . ., g ,

benefits. the chancellor, jeremy hunt, outlining _ benefits. the chancellor, jeremy hunt, outlining government - benefits. the chancellor, jeremy| hunt, outlining government plans benefits. the chancellor, jeremy - hunt, outlining government plans to get more people back into work. let's speak to our social affairs correspondent, michael buchanan. how radicala correspondent, michael buchanan. how radical a proposal is this? we have some very specific numbers, 300,000 unemployed people that don't have a sick note, 700,000 people that have health issues. getting those back into the workplace could help boost the economy. it could help boost growth? the economy. it could help boost urowth? ., . ., , growth? the chancellor himself described what _ growth? the chancellor himself described what he _ growth? the chancellor himself described what he was - growth? the chancellor himself| described what he was outlining growth? the chancellor himself. described what he was outlining as the biggest welfare reform in a decade. there are certainly a radical number of changes coming forward from 2025 for new claimants. it is important to emphasise that the people who get these health benefits at the moment will not be affected by these changes any time soon, and in all likelihood, not for many years to come. if you look at the forecast from the office for budget responsibility, and in terms

of the chancellor was saying, in that clip, as you heard, he was talking about large numbers, hundreds of thousands etc. but if you look at what the 0br are saying, they reckon that all of these changes will increase the number of people in work by about 50,000 by the year 2028—29. there is a lot of effort being done, to get a relatively small amount of people into work, and the 0br estimate that because of other changes as well, the actual impact on the overall british economy will basically be negligible. the reason for that is despite all of these changes and the stick that the chancellor outlined, the forecasts are that spending on health benefits over the coming four years, until28—29, health benefits over the coming four years, until 28—29, will increase by £12 billion, 600,000 more people will be getting health benefits, and

the reason for that is simply because the country, in broad terms, is getting sicker and more and more people will need support in order to get by. the government argument was that these changes, that they are going to bring in, they are intended to try to tackle some of those issues. but the broad forecast is that despite these changes, spending on health benefits will increase usually in the coming years. figs on health benefits will increase usually in the coming years. as we know, sometimes _ usually in the coming years. as we know, sometimes these _ usually in the coming years. as we know, sometimes these things - usually in the coming years. as we know, sometimes these things are usually in the coming years. as we i know, sometimes these things are as much about politics as they are economics, and this feels like a policy that would win votes, the idea of getting people back into work, not claiming benefits, but perhaps the conservatives feel that will put them in a better position ahead of an election? it’s will put them in a better position ahead of an election?— ahead of an election? it's been funn , ahead of an election? it's been funny. over — ahead of an election? it's been funny, over the _ ahead of an election? it's been funny, over the past _ ahead of an election? it's been funny, over the past few - ahead of an election? it's been| funny, over the past few weeks ahead of an election? it's been i funny, over the past few weeks or so, listening to rishi sunak and jeremy hunt, the language they have used in terms of getting people off welfare and into work, you could go back about a decade and listen to david cameron and george osborne, who used similar language about a

decade ago, when they were in power. undoubtedly, the number of households where somebody doesn't work at all has fallen over the past number of years. a number of charities say that some of these elements support they are going to provide are a good thing. the idea of allowing people to effectively tryout work and see if it is something for them, without losing their benefits, it is something a number of organisations have been calling for for a number of organisations have been calling forfor a number number of organisations have been calling for for a number of years. overall, there has broadly been a relatively negative reaction to the changes, because there is a fear that for new claimants from 2025, they will feel additional stress to find work, with this stick hanging over them that if they don't do exactly what the jobcentre asks them to do, they could lose their benefits, and that could lead to personal hardship.— benefits, and that could lead to personal hardship. good to have you with us, michael— personal hardship. good to have you with us, michael buchanan - personal hardship. good to have you with us, michael buchanan looking l personal hardship. good to have you| with us, michael buchanan looking at some of the changes to benefits we heard from the chancellor was about

getting people back into work. he said it's not about handing out money, it's about handing out opportunity. let's talk to the director of the centre for policy studies, a centre—right think tank. talk to me about what we heard today, and i want to talk about the growth figures, before we get onto some of the policies, a damning verdict on how the economy will grow. i wonder whether you verdict on how the economy will grow. iwonder whether you have heard anything from the chancellor today that would address some of the weak growth figures? the today that would address some of the weak growth figures?— weak growth figures? the good news is that we didn't _ weak growth figures? the good news is that we didn't go _ weak growth figures? the good news is that we didn't go into _ weak growth figures? the good news is that we didn't go into recession. i is that we didn't go into recession. the bad news is that we are going to come out of it and growth is going to be shallow and stuttering. actually, quite a lot, a surprising amount of the autumn statement was about tackling that. the permanent full expensing, the headline business tax cut, was a really good way of doing that. there's been a load of documents published alongside the autumn statement and speeding up planning, speeding up energy, a new growth duty for

regulators, if you are simply looking to build a new factory, a foreign investor looking to put in a wind farm or power plant in this country, or make a big commitment to the uk, there's a whole lot of stuff in the best statement that is meant to make the process easier, faster and cheaper you. figs to make the process easier, faster and cheaper yon-— to make the process easier, faster and cheaper you. as we heard from the chancellor, _ and cheaper you. as we heard from the chancellor, and _ and cheaper you. as we heard from the chancellor, and autumn - and cheaper you. as we heard from - the chancellor, and autumn statement for growth. he says it is about business. a lot in it for business, not much for individuals. yes, there was national insurance, but that is cancelled out by some of the other changes the chancellor didn't make. what difference does it make to all of us? 2p what difference does it make to all of us? , ., ' what difference does it make to all of us? ,.,' ., ., ., what difference does it make to all ofus? , ., ., ., , .,. what difference does it make to all ofus? ., ., ., , .. , of us? 2p off national insurance is a fairly chunky _ of us? 2p off national insurance is a fairly chunky sum, _ of us? 2p off national insurance is a fairly chunky sum, admittedly . of us? 2p off national insurance is| a fairly chunky sum, admittedly at of us? 2p off national insurance is l a fairly chunky sum, admittedly at a time when we are all being dragged up time when we are all being dragged up the thresholds by fiscal drag. the truth is that the chancellor, even a month ago or six weeks ago, was telling people i can't cut it, inflation is the only thing that matters, i can't cut taxes if i am going to cause inflation, there is not much headroom. suddenly it seems

like there is more headroom. one of the priorities is to stop people feeling poorer. you saw the benefit operating in particular, it had been trailed before that. if they needed a few billion here or there, they would be meaner on benefits, they haven't done that. it feels like there is an effort to try and get people feeling... if not better, a little bit less worse than the election next year. is little bit less worse than the election next year.— little bit less worse than the election next year. is that an election next year. is that an election policy, _ election next year. is that an election policy, to _ election next year. is that an election policy, to go - election next year. is that an election policy, to go into . election next year. is that an election policy, to go into an j election policy, to go into an election policy, to go into an election and say you can feel a bit less worse off? it's not really aspirational politics we might want to be for an election? it’s aspirational politics we might want to be for an election?— to be for an election? it's not, but the economy _ to be for an election? it's not, but the economy has _ to be for an election? it's not, but the economy has been _ to be for an election? it's not, but the economy has been hammered| to be for an election? it's not, but i the economy has been hammered by to be for an election? it's not, but - the economy has been hammered by the pandemic, the war in ukraine and inflation, and there is only so much the chancellor can do. it inflation, and there is only so much the chancellor can do.— the chancellor can do. it was interesting — the chancellor can do. it was interesting what _ the chancellor can do. it was interesting what we - the chancellor can do. it was interesting what we didn't i interesting what we didn't hear, there was nothing for first—time buyers, nothing about isa allowances or anything about pensions, just a proposal to look at a single pension pot. nothing on income tax, nothing on house—building. are we assuming we will get that later, before a

general election? i we will get that later, before a general election?— we will get that later, before a general election? i think the idea is that it is _ general election? i think the idea is that it is a _ general election? i think the idea is that it is a 1- _ general election? i think the idea is that it is a 1- to _ general election? i think the idea is that it is a 1- to punch, - general election? i think the idea| is that it is a 1- to punch, autumn is that it is a 1— to punch, autumn statement and budget. i would love there to be more on house—building, it is something i have complained about and shouted about, i don't think there will be as much as many of us would hope. irate think there will be as much as many of us would hope.— of us would hope. we heard from rachel reeves, _ of us would hope. we heard from rachel reeves, shadow - of us would hope. we heard from l rachel reeves, shadow chancellor. pretty damning in her assessment of what she heard. she said this is the 11th economic growth plan, the fifth prime minister, the seventh chancellor, and the ninth business secretary, she says, does anything work better now than when the conservatives came to power 13 years ago. that will resonate with a lot of people? it ago. that will resonate with a lot of people?— of people? it well, it was odd she was saying _ of people? it well, it was odd she was saying this — of people? it well, it was odd she was saying this is _ of people? it well, it was odd she was saying this is an _ of people? it well, it was odd she i was saying this is an overstatement, the last gasp of a cynical government, but we will also keep everything announced, it was very good news that they said they would commit to the expensing policy, that gives businesses certainty to investor, no matter what has happened in the election. we have needed certainty since 2017, and

certainty about investing has been part of that. certainty about investing has been part of that-— certainty about investing has been art of that. , , ., . ., part of that. unless we get a change in thins part of that. unless we get a change in things like — part of that. unless we get a change in things like income _ part of that. unless we get a change in things like income tax, _ part of that. unless we get a change in things like income tax, people i in things like income tax, people are going to the election facing one of the biggest tax burdens in nearly 70 years, but of a challenge, difficult to get people to vote for you when you asking them to pay more in tax? ., ., ., , ., . , in tax? national insurance is essentially _ in tax? national insurance is essentially income _ in tax? national insurance is essentially income tax. it's i in tax? national insurance is| essentially income tax. it's a slightly cheaper for the treasury to do it and they can do it earlier in january, which may be points to a spring election, rather than waiting until april. the tory dividing line, the rishi sunak speech earlier this week, the argument they are trying to make is that they have seen us through the storm, they will focus on cutting taxes, labour are committed to unfunded borrowing which can only end up increasing your taxes. which can only end up increasing yourtaxes. i which can only end up increasing your taxes. i think that will be the argument they try to make over the next few weeks and the next few months. ., ., ., ,, , ., . months. for now, thank you. we will seak months. for now, thank you. we will speak again- — months. for now, thank you. we will speak again. lots _ months. for now, thank you. we will speak again. lots to _ months. for now, thank you. we will speak again. lots to discuss. - months. for now, thank you. we will speak again. lots to discuss. reallyl speak again. lots to discuss. really good to have you with us. i mentioned a little bit about what rachel reeves had to say in response to that autumn statement, let's play

you some of that right now. it is clear that _ you some of that right now. it is clear that today _ you some of that right now. it 3 clear that today labour is the party of economic and fiscal responsibility. and what have the conservatives learned? absolutely conservatives learned ? absolutely nothing. conservatives learned? absolutely nothing. mr speaker, the country is crying out for change. a decaying government can change its personnel, but they have failed to change the direction of our country. in 13 years, we have had seven chancellors. you wouldn't run a business like this. you can't run a country like it either. and the prime minister can't even promise that this chancellor will be in place at the next election. irate that this chancellor will be in place at the next election. we 'oin a representative i place at the next election. we 'oin a representative ofi place at the next election. we 'oin a representative of the i place at the next election. we join a representative of the federation | a representative of the federation of small business. what did you hear in that that was good news? take us

through why late payments is an issue for small business. irate through why late payments is an issue for small business. we spoke to the chancellor— issue for small business. we spoke to the chancellor in _ issue for small business. we spoke to the chancellor in advance - issue for small business. we spoke to the chancellor in advance and i issue for small business. we spoke | to the chancellor in advance and our three kings were led business rates, the self—employed and something else, and there are chunky things in each of those. there are loads of small business owners who watch bbc news and almost every single one has been fixed at some point by being paid late, normally by a larger business was inefficient at paying in 30 days. it was carillion that collapsed with 125 days to tip you can imagine doing your work perfectly well, sending in your invoice for not getting paid for three months, and then you are chasing that. it's unproductive and bad news for everything and small businesses go under because they are owed too much cash. to have the chancellor today, full throated attacking the scourge of late payments is a big deal. it means, if you are bidding for government work now, you have to pay your suppliers quicker, so all those large companies who are not doing well will no longer be able to bid for government work. that is government

acting as a good