Summary

  • Our correspondents have answered your questions on the Budget - read them all on this page

  • On Wednesday, Jeremy Hunt announced the government's latest tax and spend plans

  • Changes included another 2p cut to workers' National Insurance, and an extension to child benefit

  • But income tax stayed the same - and Labour says Hunt gives with one hand, and takes "much more" with the other

  • A think tank says the government and opposition are "joining in a conspiracy of silence" about the challenges facing the UK

  • The IFS says, just to stop national debt rising, the government needs to raise more than it spends - which it hasn't done since 2001

Live Reporting

Edited by Owen Amos and Emily Atkinson

  1. National Insurance cut: How it works out

    Following this latest cut in National Insurance, someone earning £25,000 a year will save another £249 a year.

    Higher earners will take home an additional £754 a year, according to calculations by investment companies.

    For the self-employed, Class 4 National Insurance contributions on all earnings between £12,570 and £50,270 were already due to be cut from a rate of 9% to 8% in April. Hunt said that would now go down to 6%.

  2. What was in the Budget again?

    Jeremy Hunt presents the Budget Report from the despatch box in the House of CommonsGetty Images

    Here’s a reminder of the key measures:

    • National Insurance was cut for workers by another 2p - having already fallen by 2p in last year’s Autumn Statement
    • The earnings threshold for child benefit was raised from £50,000 to £60,000
    • And the VAT threshold for small businesses was increased, from £85,000 to £90,000
    • The Household Support Fund for families in England was extended for six months, falling short of charities’ hopes of a two-year extension
    • Alcohol duty was frozen and the 5p cut in fuel duty was extended
    • And there are new taxes on vapes, and higher taxes for business class flights
    • The windfall tax on the profits of oil and gas companies was extended until 2029, while capital gains tax was reduced for the higher rate of property from 28% to 24%
    • And the non-dom tax break, claimed by wealthy foreign residents in the UK, was abolished - but new arrivals will still not pay tax on foreign income and gains for their first four years of UK residency

    You can read more about those major announcements here.

  3. Hunt to be quizzed on cuts - and much more

    We've got a busy day in store – here's look at what's to come:

    As we just mentioned, Jeremy Hunt will be speaking to our colleagues on BBC Breakfast and Radio 4 in about an hour’s time. We’re also expecting to hear from Prime Minister Rishi Sunak and Labour leader Sir Keir Starmer around mid-morning.

    Later on today we'll also hear from the Institute for Fiscal Studies (IFS) - a think tank - will present its initial analysis of the chancellor's announcements.

    We’ll also be hosting a Your Questions Answered session, with some of our correspondents answering any burning queries on the Budget.

    As always, we’ll be covering those events live and right here on this page. Stay tuned.

    Sunak and Hunt have a drink and biscuits with employees during a visit to a builders warehouseGetty Images

    Kettle on and settle in. It’s the Budget: Day Two

  4. Good morning

    Nathan Williams
    Live reporter

    Welcome back to our live coverage following the raft of announcements at yesterday's spring Budget.

    Today, we'll be bringing you all the latest reaction and diving deeper into what the Budget means for you and your finances.

    First up this morning is the chancellor - he’s doing the morning media round, and lined up for interviews on BBC Breakfast and Radio 4’s Today programme.

    I’m joined in the London newsroom by my colleagues Jacqueline Howard and Thomas Mackintosh. Do stay with us as we bring you all the latest.