Tax calculator: See how John Healey’s Budget announcements affect you

The first Budget of the Andy Burnham era was announced on Wednesday with millions of households set to receive £100 to help with soaring energy bills and tax breaks for high street firms.

In a Budget firmly aimed at easing the soaring cost of living, chancellor John Healey also announced that a cut to VAT on electricity would be extended to July, changes to the first time Buyer ISA and a reversal of Rachel Reeves’ cut to the cash ISA limit.

But landlords were hit with an additional 2 per cent raise to property income tax rates, giving rise to concerns about future rental supply and, in turn, rising rent prices.

Defence spending is yet to be tackled and the watchdog, the Office for Budget Responsibility (OBR) cut its growth forecast for the UK economy from 1.6 per cent to 1 per cent in 2027 – largely due to the Iran war driving up the price of oil.

The government is left with £15bn in headroom by the 2029/30 financial year despite recent rises in bond yields causing headaches on public spending levels, with Mr Healey having pledged to remain fiscally responsible and with Labour’s longer-term ambitions to bring the debt level down.

Use The Independent’s Budget calculator, created by tax advisory firm Blick Rothenberg, to work out what the announcements mean for you: