Budget day ... the key points 

It’s budget day again, where the Chancellor sets out his tax and spending plans for the year ahead, and maybe unveils a vote-catching giveaway or two.

Can the people of the UK expect to end the day with the promise of more pounds in their pocket?

Or will purse-tightening and penny-pinching be the order of the day?  



What is covered in this latest budget? 

Jeremy Hunt is delivering his first full budget as Chancellor after the abrupt reign of Kwazi Kwarteng was brought to an even abrupter end.

But drawing a discrete veil over that …. Chancellor Hunt has set out how he intends to pull the economic levers of the country to finance public spending, encourage growth and help people cope with the ever-increasing cost of living.  


What were the eye-catching numbers? 

With much of the budget being about ‘ambitions’ and economic forecasts, it can be difficult to see which announcements will really help or hit household finances. But among the bullet points today was a promise to maintain the energy price guarantee for a further three months from April to June, capping average annual at £2,500. 

READ MORE: Energy Price Guarantee extended to June

Other measures will see the freezing of fuel duty, A “Brexit pubs guarantee” which will see the duty on draught products in pubs kept 11 per cent lower than supermarkets, while Corporation tax is due to increase from 19% to 25% in April . 


The Chancellor also said that economic forecasts showed that the UK will just miss out on going into recession, with economic growth predicted to keep going in the coming months and years. Inflation, which has bedevilled many family budgets, is expected to fall to around 2% by the end of the year.

With perhaps one eye on the war in Ukraine, Mr Hunt also announced an increase in defence spending of £11bn.  


How does it affect Scotland and the money in Scottish pockets?

Aside from the changes to fuel duty and the energy price energy price guarantee, which affect everyone in the UK, Scotland’s coffers should be swelled by the so-called ‘Barnett Consequentials’. Due to the complicated nature of UK public spending, a proportion of money spent in England and Wales is given to the Scottish Government over and above its own annually-set budget. 

READ MORE: Jeremy Hunt tells MPs UK will avoid technical recession

This year the Chancellor says that this will amount to an additional £320 million once all the numbers are crunched, but expect that to be disputed by the Scottish Government as it could include money already allocated and budgeted for.  


This is the fourth budget in 12 months, why are there so many? 

Spreadsheet fans and number-crunchers have been in heaven recently, with so many budgets to chose from.

Aside from the Scottish budget in December last year, there was Kwazi Kwarteng’s market-spooking ‘mini-budget’ in September, which sparked both his and Prime Minister Liz Truss’ downfall.


Then we had Chancellor Hunt’s soothing ‘Financial Statement’ in November as he attempted to undo the damage his predecessor did.

Put that all down to the political turmoil the UK has witnessed in the past year.