Low key Budget?

Low key Budget?


Low key Budget?

This will be the last ever Spring Budget, with the main event moving to the autumn from then on.

The leading man in the Treasury has changed. Philip Hammond is delivering his first Budget as chancellor, following eight delivered by his predecessor George Osborne.

Low key Budget?

There's plenty of speculation that Wednesday's Budget could be pretty low key. Don't be fooled, though. Your finances are set to change anyway.

Some of the policies that affect UK residents' personal finances were announced in previous speeches by Mr Osborne, but will only take effect this April. Others were outlined by Mr Hammond in November's Autumn Statement and will also come into force in the spring.

A number will lead to a notable change in the finances of those of working age - particularly a shift in the income tax threshold and the benefit freeze - while others target particular groups of people such as landlords.

Low key Budget?

The amount people can earn before they are subject to income tax, known as the personal allowance, is currently set at ?11,000 and it has already been announced that it will go up to ?11,500 in April.

The Conservatives have promised to raise this to ?12,500 by 2020-21 and increase with inflation after that.

The threshold for the higher 40% income tax rate will rise from ?43,000 to ?45,000 in April. However, in Scotland the higher rate will be paid on income above ?43,510 a year - owing to the devolved tax powers the Scottish government now holds.

Other changes that had been announced by George Osborne, but which take effect in April, include:

In May, probate fees will change, costing significantly more for large estates.

Finally, we may hear from the chancellor on a start date and precise interest rate for the new government-backed savings bond.

In November, the chancellor said that the new savings product offering a "market-leading" rate of about 2.2% would go on sale through National Savings and Investments in the spring.

The bond will be open to those aged 16 and over, subject to a minimum investment limit of ?100 and a maximum investment limit of ?3,000. Savers must put in their money for three years.



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