Martin Lewis has published a video to dig into the details of the Government’s newly announced Spring Budget.
Chancellor Jeremy Hunt unveiled a raft of new policies and tax cuts to the House of Commons this afternoon to form a Budget “for long-term growth”.
With the independent Office for Budget Responsibility (OBR) confirming inflation is set to fall to target a year earlier than previously expected, the Chancellor said he would stick to the plan to improve living standards by rewarding work and growing the economy.
Amongst the launch of a new British ISA and business investments, to further cost-of-living support through the Household Support Fund, Mr Hunt also unleashed his big-ticket item of a 2p National Insurance cut to give workers an extra boost.
Combined with changes during the Autumn Statement, the Government has said today’s announcements deliver personal tax cuts worth £20billion and reduce the effective personal tax rate for a median earner to its lowest level since 1975.
The OBR says these reductions will lead to the equivalent of around 200,000 extra full-time workers by 2028/29, as people increase their working hours and move into work.
To explain to households what these changes will mean to them individually, Money Saving Expert founder Martin Lewis released a new video covering the basics.
Mr Lewis followed the Spring Budget announcement on social media platform X, sharing his views on certain policies announced. He branded some as disappointing – such as the lack of changes to the highly criticised Lifetime ISA rules, while he celebrated others, including the “win” on the Higher Income Child Benefit Charge.
Posting the new explainer video on X to his 2.7 million followers, Mr Lewis said: “I want to run you through the main consumer finance changes and my analysis of them.”
