06. March 2024

What does the Budget mean for you?

Jeremy Hunt announced a cut in the rate of National Insurance (NI) paid by 27 million employees across the UK. For employees paid between £12,571 to £50,270 a year, the current NI rate is 10% on earnings (down from 12% before January) The chancellor said this would fall to 8% in April. Higher earners will take home an additional £754 a year, according to calculations by investment companies. Class 4 NI contributions on all earnings between £12,570 and £50,270 were already due to be cut from 9% to 8% in April.

Mr Hunt said that would now go down to 6%. The UK’s official forecaster, the Office for Budget Responsibility, has estimated as a result of the policy, 3. 7 million more people will be paying income tax. Outside of Scotland (where it is frozen until 2025), they will raise council tax in April.

Council tax can be increased by up to 2. 99% without a referendum. Those with social care duties can raise council tax up to 4. 99%.

Child benefit to be paid to more families at a higher level of earnings. Vat - a tax added when you buy most goods and services - is unchanged. The government estimates 485,000 families will gain an average of £1,260 in child benefit in 2024-25. Those amounts are due to rise to £25.

60 and £16. 95 a week in April. The £90 fee for debt relief orders, which helps some people write-off debts, will be abolished. Fuel duty is a tax motorists pay when buying fuels such as petrol and diesel.

It has been frozen since 2011, and this will continue. Mr Hunt extended a 5p-a-litre fuel duty cut, which was due to end this month. This will save the average car driver an estimated £50 next year. National Savings and Investments will offer British Savings Bonds.

Savers will be allowed to save £5,000 a year into the British Isa, on top of the existing Isa allowance of £20,000. No start date has been announced. The interest rate is yet to be set. The state pension, as previously announced, will go up by 8.

5% in April. The National Living Wage for over-23s - paid by employers - will rise from £10. 42 an hour to £11. 44 an hour.

Universal credit will rise by 6. 7%, in line with the rate of rising prices. You can email us at HaveYourSay@bbc. co.

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