Budget 2021 tax calculator shows exactly how it will affect your bank balance

Rishi Sunak outlined his plans for the economy in the fall budget this week.

The Chancellor announced tax freezes, benefit increases and business support in a budget he said would “uplift” Britain.

Mr Sunak said his budget plan “will help working families meet the cost of living” as he confirmed changes to universal credit that will allow millions of working families to keep more of the living. of the money they earn.

READ MORE: You may be eligible for a £ 1,200 bonus if you claim certain DWP benefits or tax credits

However, the move comes just weeks after the £ 20-per-week increase was removed from the benefit – which has affected 134,000 people in the Liverpool City area – tens of thousands of whom are having children.

Another measure introduced was an increase in the minimum wage as part of the introduction of a new 1.25% tax on health and social care – as reported by Mirror Online.

The Chancellor also warned that inflation could exceed 4% by the end of the year as the cost of living continues to soar.

This means that millions of homes could see the prices of everyday items rise, sending more shock waves to homes still reeling from skyrocketing energy bills.

No measures were mentioned to protect these from a 250% increase in energy bills next year after homeowners hoped for relief in the form of a VAT cut or an increase of the reduction for hot houses.

Meanwhile, retirees, who were hoping for a turnaround on the decision to remove the triple lock, were not mentioned in the statement.

Instead, the pay will increase from £ 4 to £ 5.50 per week for those on state full pension – but is that enough to cover a combined TV and winter license bill?

You can find out what all of this means for you by using this budget calculator, created in collaboration with accounting firm Blick Rothenberg.

Simply fill in your details in the form below to find out how your bank balance will be impacted by the budget announcement.

What the fall budget means to you

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Esther L. Steinbach