Today the Chancellor Philip Hammond promised to help strivers, grafters and carers who he said are “the backbone of our community and economy” in the coming year.
In the speech in the House of Commons, Mr Hammond said his Budget would pave the way for a brighter future – but what does this mean for the money in your pocket?
A stamp duty exemption was extended to first-time buyers in shared ownership, fuel duty was frozen, a new fund for road repairs and an increase to the personal allowance were all announced in the Budget today.
Here we take a look at who will benefit most from the changes announced and where they will hit the hardest.
Stamp duty is to be extended for first-time buyers who are in shared ownership on properties worth up to £500,000.
This stamp duty relief will be effective on all homes bought on or after 29 October and it will be backdated to November 22 2017.
Mr Hammond said in the Budget today that 121,500 first-time buyers had already benefited from the scrapping of stamp duty after it was brought in last year
Fuel duty remained the same for the ninth year in a row after the Chancellor ditched a planned 2p-a-litre rise in a bid to ease the burden on motorists.
The tax on fuel currently stands at 57.95p per litre of petrol, diesel, biodiesel and bioethanol.
A £420million fund was also confirmed for the Local Highway Authorities to spend on repairing potholes, bridges and other minor works in the next financial year.
Millions of workers will get an extra boost in their pay packet as the Chancellor confirmed he will increase the personal allowance to £12,500 from April 2019.
It currently stands at £11,850 and it had been predicted this would be frozen, instead of increased.
The change means workers will get an extra £120 in their pay packet if they pay the basic rate of tax.
The personal allowance for higher-rate taxpayers will rise to £50,000, from £46,300, giving these workers an extra £860 a year.
The National Living Wage will rise to £8.21 from April 2019, it was confirmed.
It will rise from £7.83 meaning a 5 per cent boost for Britain’s lowest paid workers.
Mr Hammond said today: “From April the National Living Wage will rise again, handing a full-time worker a £690 annual pay increase.”
Universal Credit claimants
Extra funding will be made available for those claiming Universal Credit and 2.4million households are set to benefit, Mr Hammond confirmed.
The Work Allowance element of the new welfare scheme will be increased to £1,000 – allowing millions of people to earn £630 more from next April before their benefits are slashed.
A new low-interest loan system was announced for those in serious debt.
It will provide an alternative for those who rely on high-cost credit and will see the government working with banks and leading debt charities to help design a pilot scheme that will launch early next year.
Beer and spirit drinkers
Beer, cider and spirits will not go up in price as the Chancellor confirmed a one-year tax freeze on them in today’s Budget.
In an early Christmas present for drinkers and struggling pubs across the country, the Chancellor scrapped a planned tax hike in line with inflation, which would have seen prices rise by 3.4 per cent.
The planned tax hike would have added as much as 30p to the price of a bottle of spirits such as gin and whisky.
In a bid to solve the housing crisis, empty high-street shops could be turned into homes, it was announced.
The Chancellor said he will consult on relaxing planning rules as he pours £675million of funding into the struggling high street.
This will not only increase the supply of housing, it will also help regenerate battered high streets as it would ensure that more empty storefronts could become family homes.
The cost of cigarettes is set to soar to £10 a pack as the Chancellor confirmed a hike in tobacco tax.
Mr Hammond is raising the tobacco duty by two per cent above September’s inflation rate of 2.4 per cent, which adds roughly 24p, excluding inflation, to a pack of cigarettes.
The average pack of fags in the UK currently costs £9.91, according to figures from Statista.
Although there will be a freeze on the duty for beer, cider and spirits, wine duty will rise in line with inflation by 3.4 per cent.
This will add 7p to a bottle of wine and 9p to a bottle of fizz.
The price of high-strength cheap white ciders will also go up. The rises will take place from February 1, 2019.
A new digital services tax will be introduced from April 2020 for technology firms.
It will apply to “established tech giants” Mr Hammond said, such as Amazon and Facebook and it is hoped it will raise £400million to pay for public services.
more on budget 2018
Despite promises by the Chancellor to deliver a budget for hard-working families, there were hardly any mentions of measures to help this group.
There was no mention, for example, of extra help towards childcare costs even though it has been widely reported that working parents are struggling as nursery fees rise three times faster than wages.
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