Spring Budget 2024 LATEST — Jeremy Hunt extends ‘vital lifeline’ for struggling Brits in crucial pre-election pitch
JEREMY Hunt unveiled a tax-cutting Budget to put more money in workers' pockets ahead of this year's election.
The Chancellor handed Brits an average £450 cash boost by shaving a further 2p off National Insurance.
Hunt also announced the continuation of the Household Support Fund, which was described as a "vital lifeline" for struggling Brits by Pete Marland of the Local Government Association.
The scheme, which was due to end in March, will now continue for a further six months.
When delivering his Spring Budget, the Chancellor said: "The Household Support Fund was set up on a temporary basis and due to conclude at the end of this month.
"Having listened carefully to representations from the Joseph Rowntree Foundation, the Trussell Trust and the Hon Members for East Ham, Colchester, Ruislip, Northwood and Pinner and Suffolk Coastal among others, I have decided that - with the battle against inflation still not over - now is not the time to stop the targeted help it offers.
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Booze brands hail freeze on alcohol duties
Booze companies have hailed Jeremy Hunt for his decision to freeze alcohol duties.
A Heineken spokesperson said: “We welcome the freezing of alcohol duties until February 2025.
"This freeze will help bring out the best in the great British Pub. Licensees across the UK now need further help to thrive, in the form of long-term, fundamental reform to the business rates system which despite recent support still sees UK pubs overpaying by £400m.”
Mark Kent, of the Scotch Whisky Association, hailed the alcohol tax freeze, saying: “Support for Scotch is good for industry, good for the economy and good for consumers who enjoy a dram.”
How much will cigarettes go up by?
Jeremy Hunt confirmed yesterday that smokers can expect another cigarette price hike in the coming months.
The average cost of a 20-pack is currently £14.39 - making Britain one of the most expensive places to smoke in Europe.
But now, prices will rise to an eye-watering £16.
Jeremy Hunt announces 'landmark' NHS funding
Jeremy Hunt announced a "landmark" plan to cut down on waste and boost productivity in public services, including the NHS, during yesterday's Budget.
The strategy includes £3.4bn for the NHS to modernise its IT systems - and in turn, unlock £35bn of savings.
Mr Hunt said: "The NHS was there for us in the pandemic.
"And today with nearly £6bn of additional funding a Conservative government is there for the NHS."
Key Spring Budget announcements
- Fuel duty will be frozen and the 5p cut extended for a year
- Alcohol duty will be frozen until February next year
- National insurance was cut by an additional 2p
- An extension of the Household Support Fund for the fifth time
- Households on Universal Credit will get an extra year to repay emergency loans from the Government
- A new tax on vapes, which will cause prices to rise
- A one-off new tax on fags to ensure they are more expensive than the electronic alternative
- The high income child benefit charge was raised from £50,000 to £60,000
What is the Household Support Fund?
The Household Support Fund was first launched in October 2021 to help Brits pay their way through winter amid the cost of living crisis.
Councils up and down the country got a slice of the £842million funding available to dish out to Brits in need.
Since then it has been extended several times, most recently in yesterday's Spring Budget, allowing councils to continue their support for hard-up Brits.
The HSF comes in the form of free cash, shopping vouchers and bill support.
Jeremy Hunt attacks BBC live on air for 'pessimistic' coverage of UK economy
Jeremy Hunt has hit out at the BBC live on air for so-called "pessimistic" coverage of the UK economy.
The Chancellor clashed with Today programme presenter Amol Rajan, branding him "unworthy" of the national broadcaster.
Rajan said: “This is a country ravaged by economic shocks - at best drifting, at worse stagnant."
Hunt hit back, branding this characterisation as "unworthy" and "pessimistic."
Major Universal Credit boost as Brits get extra year to pay back emergency loans
Households on Universal Credit will be given an extra year to pay back emergency loans, Jeremy Hunt announced yesterday.
This benefits boost will see the repayment period for Budgeting Advances increase from 12 months to 24 months.
Speaking in Parliament, the Chancellor said: “Nearly one million households on Universal Credit take out budgeting advance loans to pay for more expensive emergencies like boiler repairs or help getting a job.
“To help make such loans more affordable, I have today decided to increase the repayment period for new loans from 12 months to 24 months.”
Household Support Fund boost announced in Spring Budget
Jeremy Hunt announced yesterday that the Household Support Fund will be extended for a further six months.
The scheme, which was due to expire later this month, provides local authorities with cash to support struggling households.
When delivering his Spring Budget, the Chancellor said: "The Household Support Fund was set up on a temporary basis and due to conclude at the end of this month.
"Having listened carefully to representations from the Joseph Rowntree Foundation, the Trussell Trust and the Hon Members for East Ham, Colchester, Ruislip, Northwood and Pinner and Suffolk Coastal among others, I have decided that - with the battle against inflation still not over - now is not the time to stop the targeted help it offers."
First-time buyers lose out in Spring Budget
Jeremy Hunt opted against announcing more help for first-time buyers in his Spring Budget.
Reports had claimed the Government planned to launch a 99% mortgage scheme to help Brits get on the property ladder.
This, however, was nowhere to be seen.
There had also been calls from consumer champion Martin Lewis to overhaul Lifetime Isas (LISAs).
Free debt advice
If you’re in debt there are plenty of services you can take advantage of and they offer free advice on how to manage debt.
Most of them can offer you free guidance and help in person, over the telephone or online.
- – 0800 138 7777
- – 0808 800 9060
- – 0800 138 1111
- – 0808 808 4000
What age do you get your state pension?
With life expectancy rising, the age Brits become eligible for their state pension has also been going up.
The age is now 66 for both men and women and is set to reach 68 by 2039.
You won't automatically be given your state pension, instead, you need to claim it.
You can find out more .
Winners and losers from the Spring Budget
Every year the Spring Budget brings its own set of winners and losers.
In his second Spring Budget since becoming Chancellor, Jeremy Hunt announced a host of changes to the economy, including a reduction to National Insurance and a freeze on alcohol duty.
But not everyone can be a winner, with Non-Doms, smokers and vapers coming out worse for wear.
Labour hits out at ‘cynical games’ following Spring Budget
Sir Keir Starmer hit out at Jeremy Hunt following his Spring Budget yesterday.
Sir Keir said: “For those opposite now a little downbeat about another intellectual triumph for social democracy, I say get used to it, because with this pair in charge it won’t be long before they ask you to defend the removal of private school tax relief as well.
“The harder they try with cynical games like this, the worse it will get for them, because the whole country can see exactly who they are.
“Fighting for themselves, politics not governing, party first, country second.”
How much will you save on National Insurance?
Jeremy Hunt today announced a 2p cut to National Insurance, effective from April.
This will save Brits on £35,000 around £450 per year.
Find out how much you can save below:
Drones to be used as police first responders as Jeremy Hunt announces police changes
Jeremy Hunt today announced drones are set to be used as police first responders.
The Chancellor confirmed he will prioritise schemes designed to save money in the next five years, pledging £230million for new technology in the Budget.
He said: “Police officers waste around 8 hours a week on unnecessary admin – with higher productivity, we could free up time equivalent to 20,000 officers over a year.
“So we will spend £230million rolling out time and money saving technology which speeds up police response time by allowing people to report crimes by video call and where appropriate use drones as first responders.”
Business class flyers impacted by Spring Budget
Mr Hunt announced higher rates of air passenger duty on business class tickets.
Jeremy Hunt said he would make a "one-off adjustment" to rates of Air Passenger Duty (APD) on "non-economy flights, only to account for high inflation in recent years".
APD is levied by airlines on passengers who start their journeys at UK airports - it raises around £3.8billion per year.
Vape prices set to rise
Vape prices are set to rise after Jeremy Hunt whacked a new tax on e-cigs in today's Spring Budget.
The tax will be imposed on imported e-cigs and manufacturers to make them unaffordable for kids.
It comes after a ban on disposable vapes was announced earlier this year as part of a clampdown.
The duty will apply to the liquid in vapes, with higher levels for products with more nicotine.
Again, this will not come into force until October 2026.
Pension boost
Pensioners are also set for a bumper rise of up to £901 to their state pension payments.
The government confirmed in its Spring Budget documents today that rates will increase by 8.5% as the triple lock remains in place.
The state pension rate is going up in April.
£450 wage boost for many
More than 27million workers are in line for a £450 wage boost thanks to a fresh National Insurance cut.
The 2p reduction has been confirmed by The Chancellor in today's Spring Budget and will come into effect in just weeks.
The change means that someone earning an average salary of £35,000 will save more than £448.60 a year.
This increases to a maximum of around £750 for those on salaries above £50,000.
The legislation is being brought in next week to enable the cut to come in from April 6 - the start of the next tax year.
Two million self-employed people will see the main rate of National Insurance slashed from 8% to 6%, working out at an average saving of £350 a year.
Key Spring Budget announcements
- Fuel duty will be frozen and the 5p cut extended for a year
- Alcohol duty will be frozen until February next year
- National insurance was cut by an additional 2p
- An extension of the Household Support Fund for the fifth time
- Households on Universal Credit will get an extra year to repay emergency loans from the Government
- A new tax on vapes, which will cause prices to rise
- A one-off new tax on fags to ensure they are more expensive than the electronic alternative
- The high income child benefit charge was raised from £50,000 to £60,000
Martin Lewis gives his verdict
Jeremy Hunt offered more help with child benefits to parents earning more than £50,000 in yesterday's Spring Budget announcement.
The Money Saving Expert hailed the Chancellor's decision saying "WE GOT THE WIN ON CHILD BENEFIT!"
The 51-year-old tweeted: "Chancellor tipped me off before budget, said this was due in large to MSE/my shows campaigning all based on all those of your who messaged me to say it was the key thing to put to him."
Free debt advice
If you’re in debt there are plenty of services you can take advantage of and they offer free advice on how to manage debt.
Most of them can offer you free guidance and help in person, over the telephone or online.
- – 0800 138 7777
- – 0808 800 9060
- – 0800 138 1111
- – 0808 808 4000
Jeremy Hunt hails The Sun as he freezes fuel duty
Fuel duty was frozen for the 14th year running yesterday in a massive win for drivers and The Sun’s Keep It Down campaign.
Jeremy Hunt told the Commons: “I have listened again to my right honourable friends for Stoke-on-Trent North (Jonathan Gullis), Dudley North (Marco Longhi), Witham (Priti Patel) and others, as well as the Sun Newspaper’s ‘Keep it Down’ campaign.
“I have as a result decided to maintain the 5p cut and freeze fuel duty for a further 12 months.
“This will save the average car driver £50 next year and bring total savings since the 5p cut was introduced to around £250.”
Major Universal Credit boost as Brits get extra year to pay back emergency loans
Households on Universal Credit will be given an extra year to pay back emergency loans, Jeremy Hunt announced yesterday.
This benefits boost will see the repayment period for Budgeting Advances increase from 12 months to 24 months.
Speaking in Parliament, the Chancellor said: “Nearly one million households on Universal Credit take out budgeting advance loans to pay for more expensive emergencies like boiler repairs or help getting a job.
“To help make such loans more affordable, I have today decided to increase the repayment period for new loans from 12 months to 24 months.”
