Your pay, energy bills and savings: How the Budget affects you
Summary
The UK Budget includes measures aimed at easing household costs, including a £100 energy payment for eligible homes in England and extensions to energy-bill VAT and fuel-duty cuts. It also changes rules for cash savings, raises minimum wages and state pensions, and will shift gas standing charges into per-unit prices in 2027.Key Facts
- Households in council tax bands A to D in England will receive a £100 payment into their bank accounts, funded by an extra tax on banks.
- Scotland, Wales and Northern Ireland will receive equivalent funding and decide whether to offer the same payment.
- The VAT cut on electricity bills will continue until July instead of ending in April.
- Gas standing charges will be scrapped in England, Scotland and Wales during 2027 or as soon as possible afterward; the cost will move into unit prices.
- The 5p-per-litre fuel-duty cut on petrol and diesel will continue until July.
- The Budget drops a planned reduction in the annual cash Isa allowance, keeping it at £20,000; the government plans a new Starter Isa for first-time investors.
- Minimum wage rates will rise by 3.9% in April, while income tax thresholds remain frozen.
- The state pension will rise by 3.9%; the full new state pension will reach £250.70 a week, or £13,036.40 a year.
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