Rishi Sunak’s Budget speech paid a lot of attention to support for the economy during the pandemic, to changes to company tax and the national debt, but for most of us there is one immediate question: how will it affect my finances?
Whether you are looking to buy a house – and so will benefit from the three-month extension of the stamp duty holiday – or rely on minimum wage, which will rise by £350 a year for full-time workers in April to £8.91 per hour, the economic changes today will be felt by many.
Not forgetting a string of other influential policies the chancellor outlined earlier including the extension of furlough until September, duties on alcohol and fuel being frozen, a six-month extension on the £20 weekly increase to universal credit payments, VAT cuts for the hospitality and tourism sectors to remain, and £5bn worth of “restart grants” to be made available from April to help businesses reopen after lockdown restrictions ends.
It was also revealed that, for the first time since 1974, the rate companies pay on their profits will rise from 19 to 25 per cent in 2023 – the higher rate still leaves the UK with the lowest corporation taxes in the G7.
Clearly, there is a lot to consider. But the online calculator below, created by accountants Blick Rothenberg, offers a quick reckoner as to how the latest raft of changes will affect you, broadly speaking.
Input a few details and it will offer an indication as to how much better or worse you will be following the chancellor’s announcements.
