How does the budget affect you? Use the interactive MailOnline tool

An interactive tool has been created to help MailOnline readers better understand what the different aspects of an advisor’s budget mean to you.

It comes after Jeremy Hunt promised a major expansion of state-funded child care and tax breaks for businesses in measures aimed at boosting economic growth.

He promised up to 30 hours a week of free childcare for people in England with babies as young as nine months old, instead of the three and four as is the case.

You can now use MailOnline’s budgeting tool – which we built with the Home Finance Management System mind To find out how the budget will affect you.

You can enter your salary below and then scroll through various options such as child care, benefits and fuel costs to add more details about your situation.

The chancellor also said the energy price guarantee, which sets average household bills at £2,500, would be extended at its current level from April to June.

It was due to rise to £3,000 in April.

The fuel charge freeze and 5p cut will be maintained for another year, saving the average driver around £100.

Today, Hunt has resisted demands by Tory MPs, including Boris Johnson, to rescind April’s corporate tax hike from 19 percent to 25 percent, but has instead promised a generous package of exemptions to help companies lower their bills.

The new policy of ‘full spend’ will mean that every pound a company invests in equipment, plant or IT machinery can be fully and immediately deducted from taxable profit, a reduction of an average of £9 billion a year for each year. in the place.

He told lawmakers it was “the most generous system of capital allocations of any advanced economy”.

The chancellor also used the improved economic picture to pledge to expand subsidies for household energy costs

He said the economy would avoid a technical recession – two consecutive quarters of contraction – although the Office for Budget Responsibility (OBR) still forecast a contraction of 0.2 percent this year, a significant improvement over the 1.4 percent projected in November.

The Office for Budget Responsibility also raised its growth forecast for 2024 from 1.3 percent to 1.8 percent, but lowered forecasts for the following years to 2.5 percent in 2025, 2.1 percent in 2026 and 1.9 percent in 2027.

The OBR predicts that UK inflation will fall from 10.7 per cent in the fourth quarter of last year to 2.9 per cent by the end of 2023, in part due to the impact of cost-cutting measures.

Opening the budget statement, Mr Hunt told MPs: “In the face of enormous challenges, I present today a report on the British economy that proves the doubters wrong.”

The balance sheet office said a technical recession – two quarters of negative growth – would be avoided.

Hunt added: “They expected that we would meet the prime minister’s priorities of halving inflation, reducing debt and reviving the economy. We are following the plan and the plan is working.”

He said that improvements in the fiscal picture mean “more money for our public services and less burden on future generations.”

As he told the deputies:

• Primary debt is expected to reach 92.4% of GDP next year, and 93.7% in 2024-2025; 94.6% in 2025-26, and 94.8% in 2026-27, before dropping to 94.6% in 2027-28.
• The deficit decreases from 5.1% of GDP in 2023-24, to 3.2% in 2024-25, 2.8% in 2025-26, 2.2% in 2026-2027 and 1.7% in 2027-28.
• A lifetime allowance for pension savings, of just over £1m, a major tax break for the wealthy, will be eliminated.
• Around 12 new investment zones will be created providing up to £80m of support for tax breaks and incentives.
• There will be tougher penalties for benefit claimants who do not meet the job search requirements or choose not to accept a reasonable job offer.

The childcare support package is part of a plan to encourage more people to return to work.

The chancellor said all schools in England will offer universal care for both sides of the school day for children by September 2026.

For younger children, the Free Care for Working Parents offer will be available to those with two-year-olds from April 2024, covering around half a million parents, but initially limited to 15 hours.

From September 2024, the show will be extended to 15 hours for children from nine months, helping nearly a million parents.

The full 30-hour show begins for all children under the age of five from September 2025.

The tax burden is still expected to reach its highest level after World War II, at 37.7 percent in 2027-28.

That year, the ratio of corporate tax receipts to GDP is set to be the highest since the tax was introduced in 1965.

Living standards, based on real household disposable income (RHDI) per capita, are expected to decline by a cumulative 5.7 percent over the fiscal years 2022-23 and 2023-24 — less than projected in November but still the largest since records began in 1956. -57.