THE BIG BUDGET: The Chancellor presented his highly-anticipated 'Budget for growth' in the Commons today. Here's how it affects you announcement, saying the economy is “on the right track".
Hunt today confirmed that the energy price guarantee has been extended for a further three months. It will now remain at £2,500 until July, instead of April when it was set to rise to £3,000. However, new regulations will ensure that rates are equal for both payment methods starting July 1, 2023. This change is estimated to save around £45 per year on energy bills for four million struggling households.
This decision deviated from expectations that the threshold would simply be increased. The current lifetime allowance is slightly over £1m. Following that, in September 2024, parents of nine-month-old children will have access to the same childcare services. All children covered by the policy will qualify for 30 hours a week of free childcare services from September 2025.
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