Changes to Stamp Duty, ISAs and income tax were all among the top predictions from economic experts ahead of the chancellor's Spring Budget announcement this week. Now Jeremy Hunt has unveiled his financial plans for the next twelve months. What's been announced and just how is it likely to affect UK households? Here's the full story.
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00:00 Mr Chancellor of the Exchequer.
00:07 In recent times the UK and the UK economy has dealt with a financial crisis, a pandemic and an energy shock caused by war in Europe.
00:17 At the end of last year the UK fell into a minor recession and household budgets continued to be squeezed by the increased cost of living.
00:24 And so all eyes were on the Chancellor on Wednesday afternoon as he brought his plans for the UK's financial future into the Commons.
00:31 A whole host of measures announced but which are most likely to affect you.
00:35 Because we have asked those with the broader shoulders to pay a bit more, today I go further.
00:41 From the 6th April UK workers will see a two pence cut to national insurance.
00:45 That's after it also fell by the same amount in last year's autumn statement.
00:49 It'll save the average worker £450 a year.
00:53 Lots of families and sole traders depend on their car.
00:57 If I did nothing, fuel duty would increase by 13% this month.
01:02 The average motorist will save around £50 next year as Hunt bids to freeze the fuel duty five pence cut for another year.
01:09 This along with the next measure will reduce headline inflation according to the Chancellor.
01:14 In the autumn statement I froze alcohol duty until August of this year.
01:19 Without any action today it would have been due to rise by 3%.
01:24 In a bid to help both the struggling hospitality industry and those who found it harder to afford nights out through the cost of living crisis,
01:31 alcohol duties which should have risen by 3% will now stay slashed until February 2025.
01:37 Hunt says this measure will benefit around 38,000 pubs.
01:41 And today I take further steps to help families with cost of living pressures,
01:45 starting with measures to help the poorest families.
01:49 And focusing on lower income households, the planned end to the Household Support Fund looming at the end of the month has been pushed back for a further six months.
01:57 The money is used by English local councils to help struggling families through the use of food banks, warm spaces and food vouchers.
02:05 Additionally, to help those households avoid debt when emergencies come along,
02:09 the repayment period for new loans will be extended from 12 months to 24, with 40,000 families also helped by the abolition of the £90 debt relief orders.
02:19 The Chancellor has hardly said anything.
02:22 [laughter]
02:27 Commons was awash with shouts from the opposition, prompting Deputy Speaker Elaine Lang to call for order more than once before any measures were even announced.
02:35 The jeers only worsened once Hunt began laying out his plans and once the Leader of the Opposition had his say.
02:40 I call the Leader of the Opposition, Sir Keir Starmer.
02:44 [cheering]
02:48 Thank you Madam Deputy Speaker. There we have it, the last desperate act of a party that has failed.
02:55 [cheering]
02:56 Britain in recession. The National Credit Card maxed out.