The Budget: Chancellor Jeremy Hunt's jokes to MPs in the House of Commons during the Spring Budget. He mocked Ed Davey for 'turning up for once' after skipping PMQs after Post Office scandal and mocks Rachel Reeves 'Tory act'.
Follow MailOnline's liveblog for the latest updates on Jeremy Hunt's BudgetJeremy Hunt unveiled a 2p cut in national insurance and handed thousands of families a child benefit boost today as he vowed to put the UK back on a 'path to low taxes'.
Mr Hunt said in the medium-term he wanted completely to ditch the system of stripping payouts from households with one higher earner. Now you can use MailOnline's Budget widget - which we built with household finance management system Nous.co - to work out how the Budget will affect you. Advertisement 'The lowest earners will lose out the most, ending up roughly £500 a year poorer. Higher earners will be worse off too, by a bit less.
Mr Hunt also offered more help with child benefits for parents earning more than £50,000 and cut the top rate of capital gains tax on property sales - arguing that reducing it from 28 per cent to 24 per cent will bring in more money because of increased activity.Chancellor Jeremy Hunt poses with the red Budget Box outside 11 Downing Street this morning
The OBR said the package of measures means Mr Hunt is meeting his rule of having national debt falling as a share of GDP in 2028-29 by a 'historically modest margin' of just £8.9billion. But he also set out a series of measures aimed at offering 'much-needed help in challenging times', including:The OBR's growth forecast issued today is largely unchanged from the Autumn StatementThe OBR expects the tax burden will now reach the highest level since 1948 in 2028-29Consumer Prices Index inflation is expected to fall faster than the OBR thought in NovemberThe OBR forecast growth of 0.8 per cent in 2024, up from the 0.7 per cent forecast in November, and 1.
The Chancellor said he will maintain his plan to increase public spending by 1 per cent a year over the course of the next parliament, although the OBR said the plans 'imply no real growth in public spending per person over the next five years'. READ MORE Price of 20 cigarettes set to break £16 barrier as Chancellor hikes tax on tobacco and vapes in Budget in push to cut the rate of underage smoking Advertisement For businesses, Mr Hunt increased the threshold at which small firms have to register for VAT from £85,000 to £90,000.
With the Tories trailing Labour in opinion polls by around 20 points, Mr Hunt took aim at Sir Keir's party, saying voters face 'a plan to grow the economy versus no plan, a plan for better public services versus no plan, a plan to make work pay versus no plan'.
'We're not second-home owners,' Mr Saynor explained. 'A lot of us are professional accommodation providers. But they're not treating the sector as a business – they're treating us as a bunch of individuals with extra, unused second properties.
Furthermore, without capital allowance – which lets holiday homeowners claim back money for the fixtures and fittings bought when renovating – Mr Saynor estimates the family will take a hit of an additional £40,000 from their Suffolk property. Ms Zahoranska-Earle works as a childbirth educator, training midwives and doulas. She decided to go freelance three years ago, after realizing that the problems within the NHS were contributing to birth trauma and now runs her own training courses, as well as on contract for the NHS.
‘If you’ve got to earn £40,000-£50,000 to put food on the table and pay rent and bills, and then you add the running costs of the business as well as pension payments, it adds up really quickly. Especially with all the growth that we’re having to put up with at the moment - in terms of gas and electricity - it’s not enough.’
Ms Widdop, a former registered NHS nurse from Keighley, West Yorkshire, said she was 'really pleased' to hear that Chancellor Jeremy Hunt had announced the extension of the HSF, which was due to wrap up at the end of March but will now continue until September, but she said the support 'must continue' for longer.
He and wife Nora live with their 11-month-old between London and Hartlepool in County Durham, where his parents are. 'Because my business does over £85,000 in revenue, it means I need to charge VAT. People will say that VAT is paid by the customer therefore it doesn't matter, but to the customer it means my prices are 20 per cent higher - meaning that I either drop my prices and make less, or lose business because of the higher cost.
Mr Cullip, from Sutton in South London, smoked for 33 years before he turned to vaping in 2015 - a decision he says has massively improved his health. Refillable vapes can also require buying a number of different parts from different websites and are more expensive, with devices generally priced at around £30.
'It's called a sin tax - but I've done exactly what they told me to do with the devices that the NHS recommends. This tax will just imply to people that vaping is just as bad as smoking. It's really bad messaging.'Mother-of-four Rebecca Savage, 52, is the full-time carer for her autistic eight year old son, who has a number of health conditions.
Ms Savage's son recently had to leave the school he had been attending for the past three years because they couldn't support the needs of his medical condition, so she has had to take over educating him at home herself. 'For six months, we'd go to the food pantry,' she said. 'Now, we're going to be put on Universal Credit but I'm dreading that, because I haven't heard much good feedback.
He also thinks that the minimum 12-month period between making your first payment into the Lisa and using the funds to buy a property makes things more difficult for first-time buyers. 'That extra money is just being taxed away. I don't mind paying more tax if I'm seeing the value of it, but I'm not. The roads are c**p, I don't know when I'm going to be able to get my pension and the NHS doesn't really work. I would welcome any tax cut'.Despite working a full-time job that puts her in the higher tax band, 26-year-old Olamide Majekodunmi, known as Ola, is struggling to get on the property ladder.
Ideally, Ms Majekodunmi would be looking to purchase a two-bedroom flat in London, likely in the £300,000 to £350,000 region. 'That's the dream,' she said. Mr Kennedy Christian, also 38, is a video producer who usually earns between £50,000 and £60,000, though at times this can be more or less.Mrs Kennedy Christian originally did qualify for child benefits after having their first child, Rose, in 2018 and knew she needed to claim them in order to protect her National Insurance.Now working part-time to juggle child-care, Mrs Kennedy Christian currently earns under the income tax threshold.
As part of her job, Mrs Kennedy Christian helps mothers navigate the difficulties of balancing work and childcare - a struggle she knows well. She added: 'I just feel like we're in the sticky middle. And the impact of that on mothers is so frustrating.'Polly Arrowsmith, 56, is having a 'nightmare' trying to get back on the property ladder for a second time.
Ms Arrowsmith, who currently earns less than £50,000 a year, is hoping to stay in Islington - where she has lived for 16 years - but one or two-bedroom flats in the area rarely sell for less than £450,000. She said: 'There are so many non-doms living in London who can pay in cash. It just makes it look like a monopoly game.
'With 1 per cent mortgages, we'll just see another rocketing up of prices because there's not enough property for people to buy.' But now, given that his income is just above the High Income Child Benefit Threshold, their children are missing out on the after school activities that the added income used to fund.'
In the last few years, the Bennetts have had to cut down on their bakery offerings, let go of staff and reduce their delivery days. Ideally, Mrs Bennett would like to see any tax breaks on corporation tax, as well as a change to VAT - reducing the burden on the hospitality industry, which her bakery tends to supply to.
'Even when my son was little - childcare was unreal and it's much worse now,' she said. 'There's not enough of a safety net for mums.' 'Especially nowadays when degrees aren't even that well-considered. You're just as well off doing an apprenticeship and learning a skill.' 'As a woman on my own, sometimes I don't really feel safe enough to stop and charge the car at night,' Ms Minnikin said.
Given the cost of living crisis, Miss Oliphant would like to see the Government remove the Lisa property cap or increase it. Miss Oliphant and her partner are hoping to buy a three-bed house within the next five years in Cambridgeshire, Hertfordshire or somewhere else with good transport links into London.Vicky Borman, 45, would welcome any personal income tax break announcement in the Budget. 'Any money back in my pocket is welcome at the moment. Our bills are just astronomical,' she said.
She said: 'Someone spends their whole life working and then you want to tax them for dying? If you work hard for your money, it should be your own personal choice what you do with it.' Ms Burrows's grandfather Bernard Byne was in the Navy and then worked in the Foreign Office, while her father was an accountant for the Minister of Defence.Her parents currently live in Hampshire, in a beautiful house that Natalie is set to eventually inherit, alongside her parents' liquid assets.
The 64-year-old, who retired four years ago from a data privacy job at Exxon Mobile, currently lives with his partner of 28 years in a four-storey house in Kent. He admits that if he had children he would likely be doing everything he could to avoid the tax. However, his current retirement plan is simply: 'Let's get this spent'.
Mr Hilton thinks that the inheritance tax allowance should be raised in light of house price inflation.
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