Autumn Statement 2022: What Does It Mean for You?
Wondering what Jeremy Hunt’s mini budget means for you? We’ve got you covered – keep reading for everything you need to be aware of as a student.
The big headlines…
Increase to Minimum Wage from April
The big news for students is that minimum wage will be increasing from April 2023:
- 23 and over - £10.42 (+9.7%)
- 21-22 - £10.18 (+10.9%)
- 18-20 - £7.49 (+9.7%)
This is great news for anybody working alongside their studies this year.
With wages increasing just shy of inflation, your Officer Team are continuing to lobby the council for a Bristol Living Wage this year. Don’t forget we also have the SU Jobshop to help with your job search.
Cost of Living Support
It was also announced that energy support payments will be targeted through the Universal Credit system to support the most vulnerable.
This means that for those on means-tested benefits, there will be additional support in the form of £900 payments, and £150 for individuals on disability benefit. It was also announced that benefits will rise by 10.1%, in line with September’s rate of inflation. You can find more info about this in the Government’s Cost of Living Support factsheet.
While this is great news for some, most students are ineligible for this support. The NUS are disappointed with this announcement, and will be continuing to lobby the government to reform the Universal Credit system to make it more accessible for students. Thanks to the lobbying of your Officers, the University has increased the financial support available this year and made it easier for you to access.
Increasing Energy Bills
The government has announced that the energy price guarantee will be extended for a further 12 months, but will increase to £3,000 for a typical household. This means we will see energy bills rise again in April.
The Officer team is continuing to lobby the university and the government for additional support for students, but don’t forget there’s warm spaces , free tea and coffee as well as reduced food prices on campus to help you with your energy bills.
What was missing?
Unfortunately there was no specific support announced for students, with the Government overlooking NUS’s demands which call for an inflation-proof student support package.
The response from your Officer Team…
"It is disappointing to see a distinct lack of cost of living support for students in this latest budget. With no commitment to either increasing maintenance loans to match inflation, or re-introducing maintenance grants, this budget fails to respond to the increasing number of students, who like many others, are being forced to make incredibly tough decisions such as choosing between eating, and heating their accommodation.
By continually failing to address these issues, the government is driving students into poverty, and thus universities and higher education into the ground.
As an Officer team, we are committed to using our position to continue lobbying at a national level, to ensure the needs of students are being met by the government."
