The Budget: How the North East is affected
Chancellor George Osborne will set out £4 billion of spending cuts.
Chancellor George Osborne will set out £4 billion of spending cuts.
The rate of Capital Gains Tax will be cut, George Osborne said.
It currently stands at 28% but will now be cut to 20%.
Capital Gains Tax is a tax on the profit when you sell something that’s increased in value.
Duty on beer, cider and petrol will be frozen, there'll be a 'sugar tax' on sugary drinks and more money for improving Northern schools.
Ahead of the 2016 Budget, ITV News spoke to people who may be directly affected by changes made in the Chancellor's eighth statement.
In among the hours of debate ahead over the Budget, some words will crop up more often than others. Here's our guide to the key terms.