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In today’s Autumn Statement Chancellor Philip Hammond delivered some good news to hard-up, underpaid folks across the UK.
From April 2017, the Personal Savings Allowance for income tax will raise from £11,000 to £11,500 and the National Living Wage, paid to workers aged 25 and over, will increase from £7.20 an hour to £7.50.
The figure, which was recommended by the independent Low Pay Commission, is 10p lower than some had been expecting because average wages have been lower.
But it's all good really; the 30p boost amounts to a 4 per cent rise, meaning the UK's lowest-paid workers will see their pay rise well above current levels of inflation. It amounts to an annual increase of around £500 for a full-time worker.
Great news! By our reckoning, that £500 saving a year can buy you:
A second-hand 1.4L VW Golf. Starts first time, drives and sounds all good, they say!
A 3-night all-inclusive holiday to Greece in a luxury hotel…and still have £33 left over for a posh kebab for two!
The government has previously said it plans to raise the National Living Wage to £9/hour by 2020, opening up a world of new possibilities to spend your hard-earned. Check back in four years for the rundown of what you can buy with your extra cash then. Hopefully inflation doesn’t kill it for you!
In the meantime, it's not £500, but make sure you play our daily free cash draw; we're giving away £20 ievery day. But you already knew that, right?