What does the Budget mean for the pound in your pocket?

Missed the Budget?  Still scratching your head over what it all means for the pound in your pocket?

Here’s my one minute guide to five things I’ve pulled out that’ll make a difference…..

You’ll pay less tax from April

Right now you can earn £11,850 a year before the tax office take a bite.

But from next April you’ll be able to earn £12,500 before paying a penny in income tax.  Means an extra £130 a year in your pocket.

And for higher rate tax payers, from April, you’ll be able to earn £50,000, (instead of £46,350), before the 40% tax rate kicks in.

Beer, cider and spirits frozen

Duty is frozen on this little cocktail of drinks but expect to pay a few pence more on a bottle of wine.

Pump prices

Fuel duty is frozen for the 9th year in a row so you won’t pay more at the pump.

But of course with the competition out there, it doesn’t mean prices will stay the same and you’ll still need to shop around for the best price.

Save on car repairs

Ok so the £420 million the Chancellor’s setting aside to cover sorting out the nation’s potholes won’t go directly in your pocket.

But, if the roads get fixed, (and clearly this won’t be overnight!), then it could well save you money on tyres and car repairs.

Cheaper premium bonds

Savings rates are still pretty pants, so you may well be tempted to stash  your cash in Premium Bonds for a chance to win a million.  And if you needed more persuasion then any winnings are tax free!

£100 was the minimum you could put in, but yesterday the Chancellor slashed that to £25.

Have I missed anything out?

This is just a very quick look at the stuff you might want to know instantly.

But of course there was an awful lot of other promises including money for the NHS, Air Ambulance, money for schools and more, plus help for the high street with a third off business rates for small businesses and money to help implement Universal Credit…..






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