Weekend Money: We complimented big brands to see if you get freebies – here’s what happened | UK News

There’s been one story in town this week – so we’re rounding up some essential budget content that’ll help you decide whether you, and the rest of the country, is better or worse off after Wednesday’s political set-piece.

First, here’s a summary of the main announcement’s affecting your pocket…

• National insurance to be cut by further 2p in April;
• Freeze on alcohol duty extended until February 2025; 
• 5p cut to fuel duty continues for another year;
• Abolition of non-dom status (after four-year reprieve);
• High income child benefit charge threshold raised to £60,000;
• VAT registration threshold for businesses increasing from £85,000 to £90,000;
• Introduction of excise duty on vaping products and one-off increase in tobacco duty;
• Reduction of higher capital gains tax rate on property from 28% to 24%;
• Abolishment of stamp duty relief for people who buy multiple properties in one transaction.

Overall, are Britons better or worse off?

In the video below, data and economics editor Ed Conway looks at analysis suggesting that while most sections of society are better off this year due to the government’s tax and benefits policies, next year, and the subsequent years, this changes dramatically.

There’s also some interesting data in here about public spending cuts and living standards now compared with every other modern-day parliament…

Tax cuts?

Honing in on the tax that comes out of workers’ pay packets, and we got a headline-grabbing 2p cut to national insurance.

This kicks in from 6 April and means most workers will see a boost to their take-home pay from the end of April.

However, the tax burden is at a 70-year high – and the fact income tax thresholds remain frozen means British workers who have received any kind of pay rise since 2022 are now paying tax on a bigger proportion of their salary.

For people with salaries below £32,000, or those earning between £55,000 and £131,000, this so-called “fiscal drag” outweighs the two national insurance cuts we’ve had this year.

We made a calculator to illustrate…

Child benefit change

Another measure announced by Jeremy Hunt, and applying from 6 April, was a change to child benefit meaning parents can earn more without losing out. 

Under the current rules, you start to lose some of your benefit if you or your partner individually earn more than £50,000.

By £60,000, you get nothing.

The chancellor has now changed these thresholds to £60,000 and £80,000 respectively.

You can use our calculator below to see how much money you’ll be able to claim after the changes…

How has this gone down in Westminster?

That’s a theme of this week’s excellent Electoral Dysfunction podcast with Beth Rigby, Jess Phillips and Ruth Davidson.

In just two weeks this pod has topped the charts and become essential listening for anyone interested in what’s really going on in Westminster…

Are you better or worse off?

Of course, for all the analysis in the world, everyone’s circumstances are different, so we’ve created a calculator that should give you an idea of what the budget has done for you.

Put your details in the table below and find out if the budget as a whole makes you richer or poorer…