An increase in minimum wage and a reform of how alcohol is taxed How will the Budget affect you?
The chancellor has delivered his Covid recovery Budget, here's how it will affect your money.
2. Facing up to the rising cost of livingThere is plenty of evidence of prices going up in the shops and on bills, with the cost of living expected to rise by 4% over the next year according to official forecasters.Image source,Getty ImagesThere has been a freeze on fuel duty for more than a decade and this will continue for at least another year, as drivers are hit by higher prices at the pumps.
About 60% of the price you pay for fuel is tax - a mixture of fuel duty and VAT.However, there were no measures to assist householders with rising domestic gas and electricity bills.3. Minimum wages and pay packetsThose on minimum wages will receive a significant pay rise in April. For those aged 23 and above the rate - known as the National Living Wage - will go up by 6.6%, as the hourly rate increases from £8.91 to £9.50.
There will also be increases in the minimum wage for younger workers.If they also receive universal credit, they could be affected by the taper rate mentioned earlier.Minimum wage increases from 1 April:National Living Wage for those aged 23 and over: From £8.91 to £9.50 an hour headtopics.com
National Minimum Wage for those aged 21-22: From £8.36 to £9.18National Minimum Wage for 18 to 20-year-olds: From £6.56 to £6.83National Minimum Wage for under-18s: From £4.62 to £4.81The Apprentice Rate: From £4.30 to £4.81
How much is the minimum wage?Public sector staff will also receive a pay rise in April when the freeze on wages in place during the pandemic is lifted. How much this amounts to, and whether it equates to more than the rising cost of living, will be decided at later date.
The government's official, independent forecasters - the Office for Budget Responsibility - said that real incomes for everyone would typically rise very slowly in the coming years. Household income rises, after taking into account inflation and changes in tax will be no higher than 1.5% a year for each year up to and including 2026.
In the year from April 2022, a middle earner's take-home pay will fall by about 1%, or £180 per year, in real terms.4. The cost of 'sin' - alcohol duty overhaulDrinking is getting more expensive, with pub chains warning that higher wages and energy costs will mean much higher prices for a pint. headtopics.com
Image source,Getty ImagesHowever, Mr Sunak announced an overhaul which he described as "the most radical simplification of alcohol duties for 140 years", coming into force in February 2023.This will lead to higher-strength drinks going up in price, but lower duty on drinks ranging from sparkling wine to draught beer.
There will be no immediate increase in alcohol duties, contrary to what often happens on Budget day.The cost of smoking is rising again, with an above-inflation rise in duty on cigarettes and an 11% rise in duty on hand-rolling tobacco, taking effect within hours.Read more: BBC News (UK) »
'Wrong' for Christmas party in Number 10 last year, says Dominic Raab - but he dismisses 'unsubstantiated claims'
Deputy PM Dominic Raab acknowledges that 'if anyone held a party contrary to the rules, of course that's the wrong thing to do'. But he dismisses 'unsubstantiated claims' of a festive bash in Number 10 last year when indoor mixing was banned in London.
So nothing for the honest working person just more fore the scroungers The working man in the Norf East will only register the tax cut on beer. Good old Boris. It's just the toryhypocrits ToryLiars looking towards the next election and looking after their votes.
Budget 2021: Eight ways Rishi Sunak's plans affect youThe chancellor has delivered his Covid recovery Budget, here's how it will affect your money. Because I'm paying 88p more to smoke to get over the shock he's cut 3p off a pint 🤦♂️😂🤚 What about the people working and getting working tax credits He's going down like a cup of cold sick on Yougov
Budget 2021: Rishi Sunak reveals bumper Budget to protect families this winterRISHI Sunak is today unveiling his bumper Budget to protect hard-up families this winter while still balancing the books after Covid. Laying out his plan “for a new age of optimism”, th… So why isn't Reece Mogg wearing a mask in the house ?
Budget 2021 live: Rishi Sunak unveils spending plans for 'new age of optimism' - BBC NewsGovernment’s “infrastructure revolution” will include £5bn for local road maintenance - 'enough to fill a million more potholes a year', says Chancellor Rishi Sunak That’s 5 grand a pothole 🤣🤣 All we will get is another million elswhere All bluff & bluster ,words come easy ,has hit the workers with a NI hikes ,utilities & council tax & vat rise on bills .Total chaos & misery for workers .We are in big trouble .Sorry for being pessimistic .
Rishi Sunak’s key Budget 2021 announcements at a glanceBREAKING: Rishi Sunak’s key Budget 2021 announcements at a glance
Live Budget 2021 news & updates as Rishi announces minimum wage hike for millionsCHANCELLOR Rishi Sunak will unveil his second Budget of the year today, with economic plans that will take us through the winter. Mr Sunak will not axe VAT on household energy bills in today’… I gave listening ears to her mentorship. It haven't been easy with my investment of $300 i receive $1000 in return I don't want a huge return I only wanted a trusted trader educator. I want to use this time to give due appreciation to Mrs Nichelle_11
Live Budget 2021 news & updates as Rishi announces 30p RISE on pints of beerCHANCELLOR Rishi Sunak will unveil his second Budget of the year today, with economic plans that will take us through the winter. Rumoured measures include a 30p hike on the price of a pint –… I gave listening ears to her mentorship. It haven't been easy with my investment of $300 i receive $1000 in return I don't want a huge return I only wanted a trusted trader educator. I want to use this time to give due appreciation to Mrs Nichelle_11