What might be in today's Budget and will you be better off?
Chancellor Jeremy Hunt sets out his Budget today
Today is Budget Day, when Chancellor Jeremy Hunt sets out his statement about the nation's finances and announces many measures which will likely affect all our bank balances.
With an election looming, there will be many eyes on what is in today's announcement.
While the exact announcements are never guaranteed until The Chancellor speaks, there's always lots of speculation around what could be announced - so what are we likely to hear and will we be better off by the end of the day?
What's likely to be in today's Budget Statement?
It's been widely reported that Chancellor Jeremy Hunt will unveil a 2p cut to national insurance as he looks to use the Budget to woo voters ahead of this year’s general election.
The Chancellor is widely reported to have decided to cut national insurance rather than the more expensive option of a 2p reduction in income tax.
Downing Street and Treasury sources refused to comment ahead of the Chancellor’s statement on Wednesday.
But The Times said the cut, worth £450 on average, would come in from April and the decision was taken after Mr Hunt decided against reducing income tax.
What else is likely to be in the Budget?
Fuel duty is likely to remain at its current rate, keeping the “temporary” 5p cut which has been in place since 2022.
Other rumoured tax rises include a new levy on vapes and removing tax breaks for second-home owners who rent out their properties to tourists.
A £360 million investment in advanced manufacturing projects across the life sciences, automotive and aerospace sectors is set to feature in the Budget as well as a package of £800 million intended to boost public sector productivity.
Labour expect Chancellor to adopt their non-dom policy
Labour’s shadow health secretary said he expects the Chancellor to abolish the non-dom tax regime in Wednesday’s Budget, despite a Conservative minister previously branding the policy “as much use as an ash tray on a motorbike”.
Wes Streeting also joked that Health Secretary Victoria Atkins would be left “red-faced” if the Chancellor did choose to adopt Labour’s policy, due to her “consistent opposition” to it.
Currently people domiciled overseas don't have to pay tax in the UK for their overseas earnings.
When is the Budget?
The Budget statement will take place around 12.30 today (Wednesday 6th March), after Prime Minister's Questions finishes.