What the Spring Budget means for you and your money

Chancellor Jeremy Hunt set out his plans to grow the UK's economy in the House of Commons on Wednesday (March 15).

From extending the energy bill price guarantee to freezing fuel duty, the Chancellor continued to implement plans to help struggling households with the cost of living crisis. He also announced the country would not yet be entering a recession and added that the economy is “proving the doubters wrong”, although growth remains sluggish.

The Office for Budget Responsibility (OBR) still forecast a contraction of 0.2% this year, a significant improvement on the -1.4% predicted in November. The OBR also upgraded its growth forecast for 2024 from 1.3% to 1.8%, but downgraded predictions for the following years to 2.5% in 2025, 2.1% in 2026 and 1.9% in 2027.

READ MORE: The 10 key announcement's from Jeremy Hunt's Spring Budget including childcare changes

In an effort to remove barriers to work, he promised up to 30 hours a week of free childcare for eligible households in England with children as young as nine months, instead of three and four-year-olds under the current policy. A package to help get long-term sick and disabled people who wish to, to return to work was also announced.

Read on to find out the key announcements revealed in Wednesday's fiscal statement and how they could impact your personal finances.

The government announced plans to axe a proposed increase to the Energy Price Guarantee, which was introduced to help struggling households with the cost of energy bills over winter. The guarantee will remain at £2,500 for an additional three months to help 'bridge' the gap as companies wait for wholesale prices to fall below Ofgem's energy cap in July.

Customers would have been paying about 20%