Martin Lewis has good news for anyone earning less than £50,000 a year

Money Saving Expert Martin Lewis has issued a message to anyone who is earning less than £50,000 per year. At a time where bills are skyrocketing and the poorest are being the worst hit, it's a much needed boost.

Martin's announcement comes after yesterday's 'mini budget'. On Friday, Chancellor Kwasi Kwarteng unveiled a "new growth plan" for the UK, in which he outlined a number of changes which seem more beneficial to rich households.

The budget has proven controversial as millions of people in the UK struggle in a cost of living crisis, with accusations the tax cuts will only benefit the top 1% of earners. However, according to Martin it's not all doom and gloom.

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The finance journalist has composed an "explainer" video to help explain how exactly people will be affected by Stamp Duty, National Insurance and Income Tax. Part of Mr Kwarteng's "new growth plan" was to cut stamp duty, with the nil rate band doubling from £125,000 to £250,000.

This means 200,000 more people every year will be able to buy a home without paying any stamp duty at all - and the standard buyer in England will save £2,500, according to Gov.uk. Mr Lewis said many fans have asked him if they will still get the new rates if they have exchanged homes but not "completed". In a tweet, he replied: "In general yes, stamp duty is crystallised at completion (though there can be some exceptions - check with your solicitor)."

Anyone buying a house worth between £250,000 and £900,000 will pay a 5% stamp duty, he said. Using a £300,000 property as an example, Mr Lewis said: "You pay no stamp duty on the first £250,000, you pay 5% on the remaining £50,000,