Chancellor Rishi Sunak presented the biggest budget since the Covid crisis emerged, with nearly everyone in the UK set to be affected by today’s announcements.
New changes will affect up to six million Universal Credit claimants, homeowners, first-time buyers and even apprentices with a £126million commitment to ensure 40,000 more young people benefit from lifelong learning schemes. job over the next 12 months.
Elsewhere, new tax thresholds and minimum wage rates come into effect in the new tax year.
One of the biggest announcements for workers, however, is the furlough extension, which will carry millions through the end of the year.
The scheme – which pays 80% of employees’ wages for the hours they cannot work during the pandemic – has been extended until September.
Find out how budget affects you below with our calculator
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Picture:
Ian Vogler/Daily Mirror)
Around 4.5 million people still benefit from the job retention programme.
The young and the lowest paid have been among the most likely to have been laid off during the pandemic.
Elsewhere, from April the National Living Wage will rise to £8.91, from £8.72. This is an increase of 2.2% and it will be for people aged 23 and over.
But what does all this mean for your salary and your bank balance?
To find out, we partnered with an accounting firm Blick Rothenberg to bring you this budget calculator.
Simply fill in your details in the form below to find out.
Budget Calculator 2021
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