In the budget, Jeremy Hunt claimed that the progress made in reducing inflation made “permanent cuts in taxation” possible. According to projections, inflation will likely drop to the goal level of 2% in the coming months.
At the moment, child benefit payments are decreased if one parent makes £50,000 annually. These payments won’t be reduced after Mr. Hunt’s announcement until a parent receives £60,000 a year.
170,000 families with children under 16—or under 20 if they are enrolled full-time in school or training—will benefit from the policy shift, according to Mr. Hunt.
For their first kid, qualifying parents earn £24 per week, and for each additional child, they receive £15.90. Next month, these amounts will increase to £25.60 and £16.95 each week.
