What does the 2017 spring Budget mean for you?

Find out what the Chancellor, Philip Hammond, said in his spring Budget today

The chancellor has just sat down after his first budget statement. Here are the big things that will affect your pocket

Vehicle Excise Duty – otherwise known as road tax – will increase in line with inflation for cars, vans and motorbikes But has been frozen for heavy goods vehicles

There was no direct action to help cut car insurance premiums. These are likely to rise following a recent ruling regarding personal compensation pay outs.

There was however modest investment to support the development of driverless cars, which should improve road safety and bring down prices, but over a much longer time period

On wage packets, the personal tax allowance will increase to £11,500 from April – meaning most people pay no tax on that portion of earnings

Plus the amount you need to earn to be hit by the 40% tax rate will increase to £45000.

The minimum wage will also increase from £7.20 to £7.50 per hour.

Self-employed people face a tax hit though. National Insurance Contributions – simply another type of tax we all pay – will increase from April next year.

In addition, the size of dividends you can withdraw before paying tax will be reduced from £5,000 to £2000. For those with money to save, a new savings bond from NS&I was confirmed to launch in April. It will pay a healthy 2.2% interest fixed for 3 years, on up to £3,000.

Finally, it was confirmed that from September this year, the free 15 hours childcare available to working families will double, to 30. For details on all of this and more, see our full Budget 2017 guide.

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