The Budget: How the North East is affected
Chancellor George Osborne will set out £4 billion of spending cuts.
More money for flood defences
In order to fund increased investment in flood defences, the Chancellor has introduced a rise in the standard rate of Insurance Premium Tax (IPT) up to 10%.
If companies pass this onto customers, then George Osborne says the average combined home and contents insurance would only increase by £1, and the average motor insurance premium by £2 per year.
All the revenue raised from this increase will be invested in flood defences.
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The Budget 2016: What it means to you
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.
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'What I'd like to see from the Budget'
Ahead of the 2016 Budget, ITV News spoke to people who may be directly affected by changes made in the Chancellor's eighth statement.
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Budget 2016: The key words to look out for
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.