Vape tax, fuel prices and help for home buyers: ITV News expert answers your budget questions
ITV News' Consumer Editor Chris Choi has been answering your questions
The chancellor announced the spring Budget on Wednesday, laying out his pre-election plans for the country's finances.
ITV News' Consumer Editor Chris Choi has been answering your questions about how the measures Jeremy Hunt outlined will impact you.
National Insurance cut
"With the freezing of tax rate bands, what will the two per cent cut in National Insurance mean for average earnings?" says Howard Smith of Luton
The earnings threshold when you start to pay National Insurance is £12,570 - £242 a week. Up to that level you don’t pay it.
It’s in sync with the earnings threshold for income tax but it has not risen in sync with inflation and average earnings.
It’s been calculated if that threshold had gone up with prices you would now be out of tax and National Insurance if you earn up to £15,00...which would take some low earners out of tax.
But the existing threshold for National Insurance and other taxes is set to be frozen until 2028 (it last went up in 2022), by which time it will be earning the Treasury an extra £29 billion a year. This is why some people call it a stealth task.
Independent accountants I’ve spoken to say a typical £30k a year earner will save £348 due to Wednesday's National Insurance announcement.
Maternity leave
"I'm a mother coming off maternity leave - have there been any announcements from the Budget that will support me and my family?" says Carys Meadows, of Worcester
Let’s talk about Child Benefit - amazing really that the chancellor himself said the existing system is “confusing and unfair”.
Now, Carys will be helped by a change that’s been made.
Previously, if either parent earned more than £50k a year they would have had to pay back some or all of their child benefit. That’s been pushed up to £60k from April.
Carys' husband's salary puts her in the category that will be helped by that. But further changes to the system are not expected until April 2026, so elements of unfairness will continue.
Vape tax
"The government announced a tax on vapes - I don't know why they're putting a tax on vapes, because when we buy vapes, we pay tax already.
"On top of that, there will now be a vape tax. I think that will be too much for us to even get customers." says Ahmad, of London
The chancellor announced a new tax on vaping will be brought in by 2026 - with few details yet.
Vaping is considered to be safer than smoking and has helped a lot of people quit cigarettes.
So, why tax them? The government and others are worried about children vaping. Vaping is already subject to VAT at 20 per cent.
It’s likely the new vaping tax will be applied to the e-liquids based on how much nicotine is included, and to make sure it’s still more expensive to smoke compared with vaping - there will be a further rise in tobacco duty - details to be confirmed.
Have you heard our podcast Talking Politics? Every week Tom, Robert and Anushka dig into the biggest issues dominating the political agenda…
Alcohol duty
"Although it's welcome news for the license trade that the duty on alcohol will be frozen in the short term, the cost of living crisis is still a reality for an industry predicated on the disposable income of its patrons.
"Our bills and our clients' bills are still crippling to all concerned.
"When will all businesses in the hospitality sector see customer confidence return, and when will we be able to enjoy a thriving economy?" says James Stevens - pub landlord from Dudley.
For pubs and the hospitality industry, things have been really tough - the sector has called them “catastrophic”, as people’s bill have gone up, they’ve had less for leisure.
The chancellor talked about lower inflation - it is going down…but essentials like food and energy are still more costly than they were in 2022.
The government would say that further National Insurance reduction will put money in people's pockets - but will that just be eaten up by higher costs of living?
The pub sector had lobbied for a reduction in VAT charged at 20 per cent, but that didn’t materialise.
Petrol costs
"I drive to work a considerable distance, so my fuel expenses are quite high.
"What has the chancellor done for me in the Budget on fuel duty tax, which is already quite high?
"Any help would be beneficial to me and a lot of other workers," says Lyn Harris, Worcester.
Fuel duty has been frozen - again. It was due to increase this month and the chancellor says that will save a typical driver £50 over the next 12 months and £250 since the fuel freezes started in 2022.
Do you hear horns honking in celebration? Perhaps not, because the price of motoring is rocketing. Fuel prices, insurance and maintenance costs are all up.
And, as petrol prices have gone up (now average about £1.45 a litre versus £1.23 pre pandemic. As fuel prices rise, so too does the governments tax take - thanks to VAT. (It’s about 3p on a tank full).
Long-term industrial strategy
Given the UK's commitment to advanced manufacturing and the recent landmark plan for the sector, how does the government intend to ensure a robust and sustainable long-term industrial strategy? (Simon Kenney, Cambridge)
Simon's firm is in Cambridge, which got specific help in the Budget - the government clearly sees it as a contender in the race to be a new Silicon Valley and medical sciences hub.
The chancellor said there will be money for a Cambridge development corporation, with £10 million put in to improve transport and health infrastructure - this government sees Cambridge as a special case.
But what about the rest of the country? Other areas did get mentions and special help - including the Shetlands, Darlington and Redditch.
Government also sees what it's doing on childcare to be part of its strategy for business - allowing more parents to return to the workforce.
But calls from firms for big cuts in business rates were not answered in this Budget.
ITV News' Social Affairs Correspondent Stacey Foster speaks to the public about how the Budget measures will help, or hinder, their daily lives
First time buyers
I'm looking to buy my first home. Was anything announced that will benefit me? says Jemma Ravenhill of Worcester
Before Wednesday's Budget speech, there were high hopes that first-time buyers would be given help through a reduction in Stamp Duty, but none of that help was given.
The chancellor did announce that more new homes will be built, but they will mainly be in certain areas of the country.
In particular, Mr Hunt mentioned developments in London's Canary Wharf and Barking, and also at the site that had been earmarked for the HS2 terminus at London Euston.
The Budget also promises to 'unlock' 20,000 new homes in Leeds, and elsewhere, there is a promise of funding for local community groups to deliver 3,000 new homes, with the location for those not specified on Wednesday.
Universal credit
I get universal credit - will there be an increase? (Shaun Alexander)
There was no announcement on Wednesday about an increase in Universal Credit payments.
However, the chancellor did make one announcement that he said was specifically designed to help those claiming Universal Credit.
That was on budgeting advance loans - which can be taken out to pay for emergencies like repairing a broken boiler.
Now, those loans have to be repaid in 12 months, but it was announced that this repayment period will be doubled to 24 months.
In terms of increased income, the chancellor extended the Household Support Fund - where local councils can give money to those struggling with day-to-day costs.
That scheme was due to come to an end at the end of this month, but it has been extended for six more, so councils will still be able to help households who need it until September.
Want a quick and expert briefing on the biggest news stories? Listen to our latest podcasts to find out What You Need To Know...