Single, 25
Unemployed
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2022/23 She receives a universal credit payment of £335 a month, which adds up to £4,019 over the year. Financial assistance with housing costs depends on the property and where she rents. She will also receive cost of living payments worth a total of £650.
2023/24 The benefits increase will be based on September’s inflation figure; however, the government says UC claimants working less than 15 hours a week have to show they are trying to get more work or risk having their payments cut.
Single
Earns £34,000
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2022/23 He pays £4,284 a year in income tax while his national insurance (NI) bill is £2,839. This results in a monthly pay packet of £2,240 per month.
Nov 2022 The cancelling of the 1.25-percentage point increase in NI contributions means he will be £22 a month better off.
2023/24 The reduction of the basic rate of income tax from 20% to 19% will lower his tax bill by £214 while the NI change adds up to £268, leaving him £482 better off.
Single, one child
Earns £6,916 working part-time (14 hours a week) on minimum wage
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2022/23 Her low earnings mean she does not qualify for income tax or national insurance, taking home £576 a month. This is topped up by a £623 universal credit payment plus £87 child benefit. She will also receive the £650 of cost of living payments.
2023/24 She will get a pay rise when the minimum wage (currently £9.50 an hour) goes up. However she currently works less than 15 hours a week so will be under pressure to do more or see her UC payments cut.
Unmarried couple in their 30s, no kids
First income £55,000, second income of £35,000
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2022/23 Our couple have a combined annual income tax and national insurance bill of £22,034. This results in a combined monthly income of £5,664.
Nov 2022 The NI change means they will be £68 a month better off.
2023/24 The income tax changes are worth £601 while the reduction in their NI bill is £811, leaving them £1,412 better off.
Unmarried couple, two children, one of whom has a disability
First income £23,000, second income £5,928
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2022/23 Our couple have a combined income tax and national insurance bill of £3,466. Their monthly take home pay of £2,122 is supplemented with a universal credit payment of £623 plus £145 of child benefit. They will also get the £800 in cost of living payments.
Nov 2022 The NI change is worth £11; however, they will only be up £5 a month because their UC will be adjusted.
2023/24 The cut to the basic tax rate is worth £104 per year while the NI change adds up to £130. However, their annual UC will be reduced by about £120 due to their higher pay. The upshot is an extra £114 in their pocket.
Married couple, three children
One income of £57,000
2022/23 The breadwinner pays £9,976 a year in income tax and £5,214 in national insurance. This translates into a monthly income of £3,484 plus £61 child benefit.
Nov 2022 The NI change means they are up £46 a month.
2023/24 The income tax changes are worth £364 while the NI cut is worth a total £555 meaning they are £919 better off.
Married couple, two children
Both unemployed, one is a full-time carer
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2022/23 The wife is a full-time carer for her disabled husband so they get a monthly universal credit payment of £1,583 plus £145 child benefit. They are entitled to £800 worth of cost of living payments.
2023/24 Their finances will benefit from the uprating of benefits but otherwise there was nothing in this budget to help them. The government has not said whether cost of living payments will be repeated next year.
Married couple
First income £200,000, second income £100,000
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2022/23 Our high fliers pay a hefty £102,388 a year in income tax and £16,473 in national insurance. This results in a combined monthly income of £15,095.
Nov 2022 The NI change means they are up £286 a month.
2023/24 Our rich couple are a lot richer. The income tax changes, including axing the 45% top rate on earnings over £150,000, is worth £3,254 while the NI reduction is worth £3,436, meaning they are £6,690 better off.
Single pensioner
Basic state pension
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2022/23 Her state pension is £141.85 per week or £567 per month. She also gets the pension credit top-up worth another £163. She will also receive £950 cost of living payments.
2023/24 She doesn’t benefit from any of the tax changes announced. However the state pension is subject to the “triple lock”, which means that it will rise by the highest of three possible figures: inflation (in September), average earnings or 2.5% in April.
Married pensioners, both in their 70s
State pension plus private pension of £8,000
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2022/23 Their combined pensions result in a monthly income of £1,624. Due to their private pension they pay £307 a year income tax. They will receive the pensioner cost of living payment worth £300.
2023/24 They will benefit from the annual rise in the state pension while the income tax change leaves them £15 better off.
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Figures produced by Dan Rust of DBR Consulting with annual and monthly figures rounded to the nearest pound.
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