How will the budget affect you?

In his first budget speech, Rishi Sunak pledged £30bn of extra spending to protect the economy against coronavirus. The chancellor has described the budget as the biggest fiscal boost to the UK in decades. It includes welfare and business support, sick-pay changes and local assistance, as well as £7bn for businesses and families and £5bn for the NHS.

Sunak also said the government will invest in “world-class infrastructure” at a cost of £175bn over the next five years, claiming this extra spending on roads, rail, hospitals and digital infrastructure would increase Britain’s long-term productivity by 2.5% and add 0.5% a year to GDP growth.

Even so, predicted growth – excluding any hit from the coronavirus – has been cut this year to 1.1%, from a previous forecast of 1.4%. Growth forecasts for 2022 and 2023 were also cut but the forecast for 2021 was increased to 1.8% from 1.6%.

How will the chancellor’s plans affect your own financial wellbeing? Enter your details in the calculator, created by accountants Blick Rothenberg, above to find out.