Income tax thresholds, which have been frozen under successive chancellors, will stay at current levels until April 2031 as planned. But after that they are expected to start to rise again with inflation.
Good morning. There was a time when Bank of England interest rate announcements passed (most of us) by entirely unnoticed. A small rise here; a minor dip there: until May 2022, rates hadn’t climbed above 1% for 13 years.
John Healey starts by saying that his budget is “delivered at a time when global uncertainties and pressures are swirling worldwide and hitting people here at home”.
Martin Lewis said that, when he met John Healey this morning, the chancellor said that, having removed standing charges from gas bills, he would also like to get rid of them from electricity bills. Lewis said:
Oil sits at the centre of the call: the RBNZ expects fuel to lift inflation to 4.4% in the December quarter, but the majority chose to look through the direct effects for now, betting that weak demand will limit pass-th…