Chancellor forecasts lower growth and high inflation next year; announces increases to minimum wage, benefits, pensions and NI cuts
• Inflation to average 2.8% next year and 2% by 2025; economic growth of 0.6% in 2023 • Minimum wage to increase to £11.44 per hour from April 2023 • Benefits to rise by 6.7% from April 2023 • National insurance contributions for employees and self-employed to be cut • State pension payments to increase by 8.5% to £221.20 per week