Spring Budget 2023 tool – check what Jeremy Hunt's announcements today mean for you | The Sun
TODAY'S Spring Budget comes with a raft of changes to households – and our tool explains what it all means for you.
Chancellor Jeremy Hunt delivered his speech to the House of Commons – and it brings both good and bad news.
During his speech, Jeremy Hunt announced that parents will get 30 hours of free childcare in a bid to get Brits back to work.
Those with one and two-year-olds will get 30 hours while those looking after three-year-olds will get extra help too.
Mr Hunt also announced:
- Millions of households will save £160 after the Energy Price guarantee was extended
- Cigarette prices will rise after the government hiked tobacco tax
- Drivers won’t pay more for fuel as duty was frozen and a 5p cut will continue in a huge win for The Sun’s campaign to keep it low
- The lifetime allowance on pensions will be axed and the annual allowance will increase
- The government will give councils £500million to fix potholes
- Millions of energy customers on prepayment meters will no longer pay more
- Jeremy Hunt unveiled 12 low-tax investment zones across the country
- Alcohol duty on beer in pubs will be cut, saving 11p per pint – but tax on wine and spirits will increase
- The Chancellor confirmed that benefits will rise next month
- Corporation tax will rise to 25% next month
- The government will extend free childcare to 30 hours for one and two-year-olds
- Working parents on Universal Credit will get more for childcare and costs covered straight away
Read more in money
Jeremy Hunt unveils ‘back to work’ Budget giving parents 30hrs free childcare
When is the Spring Budget 2023? Predictions, time and what Jeremy Hunt could say
He also hiked the hourly rate paid by the government to childcare providers, who have long said the help they get doesn't cover the costs.
Elsewhere, Mr Hunt has given millions of workers a pension boost by scrapping the lifetime pension allowance (LTA) to tempt people to work longer.
The Energy Price Guarantee (EPG) cap will also continue at £2,500 for another three months.
It was meant to rise to £3,000 a year for households in April but Hunt scrapped those plans today.
Most read in Money
Price of packet of cigarettes to rise to £14.73 from 6pm tonight
Jeremy Hunt unveils 'back to work' Budget giving parents 30hrs free childcare
Millions of households to save £160 on energy bills in huge Budget change
Families given 30hrs free childcare & pension boost in 'back to work' Budget
This will save the average household around £160, the government said.
Other changes include an increase in cigarette prices and booze.
Plus, drivers will save £3.30 on fuel duty thanks to Mr Hunt extending the fuel duty cut.
If you're not sure what today's announcement means for you, we've got this handy tool you can use.
Just fill it in and it'll tell you what to look out for.
How are you impacted by the Budget?
What is the Budget?
The Budget is when the Government outlines its plans for tax hikes, cuts and things like changes to Universal Credit and the minimum wage.
It's different to the Spending Review, which sets out how much public cash will go towards funding certain departments, devolved governments and services, such as the NHS.
The Budget is read out in the House of Commons by the Chancellor of the Exchequer.
It was Jeremy Hunt's first Spring Budget as Chancellor.
Read More on The Sun
The Spanish hotspot which is 20C and has 88p beers
Nando’s has made a major change to menus – and fans won’t be happy
Today was the first full Budget since last year, following the mini-Budget in September and the Autumn Statement in November.
Mr Hunt has told Tories he will "put meat on the bones" of the PM’s plan to fix the economy.
Do you have a money problem that needs sorting? Get in touch by emailing [email protected]
Source: Read Full Article