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21 March 2012, 17:41
Petrol prices will still go up, cigarettes will cost more and the highest earners will pay less tax.
The Chancellor's been outling his plans for the country's economy for the next year.
From April 2013 we won't be paying tax on the first £9,205 - something George Osborne says will help working families and make us £220 better off a year because of it.
High earners will also be paying less tax - a cut from 50 to 45 pence.
However, there will be no reduction in the planned 3p fuel duty increase this summer.
Alcohol prices will stay the same - but from 6pm tonight, a packet of cigarettes will increase by 37p.
George Osborne said: 'There is clear evidence that increasing the cost of tobacco encourages smokers to quit and discourages young people from taking it up.'
Norwich North MP Chloe Smith who works for the Treasury also stood alongside the Chancellor outside Downing Street before the Budget was announced.
Finance Expert Jonathan Hook from Norwich Accountancy Services Ltd has been giving us his reaction to the Budget:
South West Norfolk Elizabeth Truss reacts to budget:
“I am delighted that the Chancellor has put the emphasis on Britain’s competitiveness and exports. We need to earn our way in the world.”.
‘The budget addressed the concerns of hard pressed workers facing rising bills by increasing the personal allowance in April next year to £9200 . This will put more money back into families’ pockets giving welcome relief to household budgets.’
The reduction in the top right of tax to 45 pence is right. The 50 pence rate has been bad for business, damaged growth and hampered Britain’s ability to be competitive. The 50 pence rate was the highest in the G20 and has been proven to cause massive distortion raising just a third of the £3 billion the previous government said it would raise.’
Corporation tax and exports
‘The reduction in corporation tax to 24 percent with immediate effect will drive growth and generate jobs. This is significant for the UK as a whole but particularly for Norfolk where innovative companies, like Baxter’s in Thetford which employ 400 people in the town, provide significant work opportunities. I am also pleased that SMEs are going to be given additional export support to help them reach overseas markets like Brazil, China and India. ‘
Doubling Council tax relief for military.
‘It is right that we recognise the work done by our service personnel who often have long tours overseas. I know that the men and women at RAF Marham will be pleased by the doubling of the council tax relief.’