, are being frozen until 2026 under current policy, rather than rising in line with inflation. Speculation suggests that freeze may be extended for a further two years.Whether or not you do end up in a higher tax band, a greater proportion of your income is likely to be taxed.The government is currently helping limit your energy bills.It has lowered the maximum price you can be charged for each unit of energy you use and it is giving you cash directly to help you pay the bills. Since October, that has limited a typical household's bill to £2,500.This help is due to end in April, and most households are staring down the barrel of another massive jump in bills. The government has already said the most vulnerable will continue to be protected, but the chancellor may explain exactly how in this Autumn Statement. And for everyone else trying to){kind=link}
It is a big week for the UK’s finances as we find out how the government plans to try and get the economy growing as the cost of living soars.
Chancellor Jeremy Hunt’s Autumn Statement on government tax and spending plans will affect your take-home pay and household budget.
BBC News has experts dedicated to helping audiences navigate the cost of living crisis. We asked them how it may affect you.
You generally expect your wages to increase each year.
This rise may mean you start paying income tax, or it pulls you into a higher tax bracket. This means that even if your pay rise does not match the level of rising prices, you would pay more in tax. This is a particular issue at times of high inflation, such as now.