Will you lose money? Our calculator reveals the true cost of Rishi Sunak’s Budget

From pay rises to the price of beer – Rishi Sunak’s latest budget contained a raft of changes that will impact on everybody’s wallet.

The chancellor claimed the £150bn worth of new spending pledges will usher in a ‘optimistic’ new economy as the country continues to recover post-pandemic.

In his hour-long speech in the commons, the announcements just kept coming – with more money for the NHS, transport, housing and education.

But, as always, the proof will be in the detail and experts have begun pouring over the documents to work out exactly what it will mean for the average household.

Families have told to expect more money in some areas, while the chancellor has taken away cash in others.

To help work out how all this affects you, Metro.co.uk has worked with accountancy firm Blick Rothenberg to put together this budget day calculator which can work out if you will be better of worse off.

All you need to do is input a few basic details about your income and spending habits below.

Mr Sunak hailed better than expected economic forecasts as proof his plan for the country was working.

The Office for Budget Responsibility (OBR) revised its growth forecast for this year from 4% to 6.5% which is set to give the Treasury billions of extra pounds to splash.

Among the big beneficiaries are those who work but also claim Universal Credit who will get an extra 8p for every £1 they earn.

But those who rely solely on the benefit to survive were not handed any compensation for the recent loss of the £20-a-week uplift that was in place during the pandemic.

There were also no specific measures to help with the rapidly rising cost of energy.

And, with inflation set to rise even higher than the current 3.1%, prices for other goods are all going up as well.

But drivers were celebrating some rare good news after a planned hike in fuel duty was cancelled.

Drinkers are used to getting hammered come budget day with a rise in alcohol duty often seen as an uncontroversial way of raising some extra money for the treasury.

But this year the chancellor has decided to overhaul the whole system, leaving fans of drinks such as rose wine and low strength beers a few pence better off when they head to the pub.

Those partial to stronger drinks such as spirits will however have to pay more as the changes mean the stronger the drink, the higher the rate.

The price of a pack of cigarettes will also rise ever higher – hitting £13.60 from this evening.

Meanwhile, the chancellor confirmed the minimum wage will rise to £9.50-an-hour for those aged 23 and over.

He’s also lifted the public sector pay freeze – but failed to say exactly how much workers will get and if it will be higher than inflation.

More costs are on the way for the average household however. National Insurance is set to rise by 1.25% for every worker from April.

Councils have also been given the power to raise council tax by 2% per year for the next three years before they have to hold a local referendum.

MORE : Budget 2021: How will Rishi’s sparkling wine tax changes affect you?

MORE : Millions of key workers set to be paid more as Rishi Sunak confirms end to pay freeze

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