Use our Budget 2023 calculator to see if you'll be better or worse off
Jeremy Hunt has delivered his Spring Budget this afternoon, with changes to energy bills, childcare and pensions all confirmed.
The plans unveiled were centred around getting people "back to work" with measures aimed at the over-50s, sick and disabled and parents.
In other Budget announcements, fuel duty has been frozen again and the price of cigarettes and alcohol will rise.
But how exactly do all the changes impact you?
We explain everything you need to know below - and you can use our Budget calculator, created by accountancy to see how your finances will be affected.
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Energy bills
A huge rise in energy bills was effectively scrapped by the Chancellor today - but households will still pay more.
The Energy Price Guarantee (EPG) is currently set at £2,500 a year and was due to rise to £3,000 from April for households in England, Scotland and Wales.
The EPG will now stay at £2,500 for another three months, until July, when the Ofgem price cap is expected to fall below this level anyway.
But families will still pay more for energy from April, as the £400 rebate scheme is coming to an end this month.
This scheme has seen households paid £66 or £67 each month, for the last six months.
Prepayment meter households, however, will see bills reduced from July after the Chancellor said these customers will no longer pay more than direct debit.
Those on prepay meters are often among the lowest income households - but they end up paying more because energy firms pass on the costs of managing the meters.
Childcare
Huge changes to childcare were announced, with 30 hours a week of free care to be made available to working parents with children aged between nine months and four years in England.
But the policy will be introduced in stages and will only be fully implemented by September 2025.
Those with a two-year old will be eligible for 15 hours of free childcare from April 2024.
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This will then expand to include babies as young as nine months old from September 2024, before it increases to children under five years old from September 2025.
Under current rules, children aged three to four get 15 hours a week of free childcare, which goes up to 30 hours if you meet certain conditions.
Those claiming Universal Credit in England, Scotland and Wales will also be given some funding for childcare costs upfront.
At the moment, you have to pay for childcare yourself and can then claim back 85% of the cost.
The maximum you can get will also increase from £646 a month for one child to £951, and from £1,108 for two or more children to £1,630.
Pensions
The pensions lifetime allowance - which is how much you can save into pension pots before paying extra tax - will be abolished.
The pension annual allowance - the most you can save each tax year before you have to pay tax - will also increase from £40,000 to £60,000.
Both changes are part of plans to keep people working longer and to encourage over-50s who had taken early retirement back into work.
Critics have pointed out that these measures only help the wealthiest of workers.
Labour leader Keir Starmer said the tax cut helps only the richest 1% in society with the biggest pension pots.
For those with more average salaries, the maximum annual amount you can save into a pension once you've taken money out of it will rise from £4,000 to £10,000.
Benefits
Thousands of Universal Credit claimants will have to increase their search for work or face having their benefits cut.
The Administrative Earnings Threshold (AET) is increasing from 15 to 18 hours per week.
The AET determines which "work group" you’re placed in - either the “light touch” work group or “intensive work search”.
If your income is above the AET rate, you will be in the "light touch" work group - this means you’re not required to look for work and have less contact with the JobCentre.
But if you earn below the AET rate, you will be in the "intensive work search" and will have more commitments to fulfil to keep your benefits.
Those who don’t follow their work commitments risk having their benefits cut.
The Chancellor also today confirmed it will apply stricter sanctions for Universal Credit claimants.
In other benefit changes, the work capability assessment and separate benefit entitlement will be abolished.
The Government says the changes should mean disabled benefits claimants will be able to seek work without worrying about losing financial support.
There will also be a new voluntary employment scheme for 50,000 disabled people a year.
Personal tax
The Chancellor did not announce any changes to the Income Tax personal allowance threshold today, which is currently frozen until April 2028.
The personal allowance - how much you can earn before you start to pay Income Tax - is currently set at £12,570 for 20% rate taxpayers.
The threshold for when you start to pay National Insurance contributions - also £12,570 - will also remain frozen until April 2028.
Workers pay 12% in National Insurance contributions when their salary reaches £12,570, then 2% on earnings over £50,270.
Inflation
The Chancellor said he expects Consumer Price Index (CPI) inflation to fall to 2.9% by the end of this year.
CPI is currently at 10.1% with the latest figures to be released by the Office for National Statistics (ONS) later this week.
Inflation is a figure used to explain how much the prices of everyday essentials have increased.
Cigarettes
Cigarette prices will go up in line with Retail Price Index (RPI) inflation - currently sitting at 12.7%, plus an additional 2% - from tonight.
The ONS says the average pack of 20 cigarettes costs £12.84.
This means the increase will see £1.89 added to the price, taking the total cost to £14.73.
Alcohol
Alcohol duties will also rise with an RPI inflation figure of 10.1% from August 2023.
At the same time, a new system will be introduced which will see alcoholic drinks taxed based on their strength.
But the Chancellor will cut the duty charged on draught pints in pubs across the UK by 11p, also from August.
The cut will act as a major boost for struggling pubs.
Fuel
There was good news for drivers in the Budget after the Chancellor announced he will extend a freeze on fuel duty for another year.
The 5p a litre cut in fuel duty will also remain in place.
Fuel duty included in the price you pay for petrol, diesel and other fuels.
The current rate for both petrol and diesel is 52.95p-a-litre and this rate has been frozen since 2011.
Drivers will pay less at the pumps thanks to the measures announced today.
In his speech today, the Chancellor said the Government will save the average driver £100 next year.
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