Jeremy Hunt is delivering his first budget speech today and has announced help for pubs and drivers.
Mr Hunt is hoping to charge up the country's struggling economy and is announcing a raft of measures that he hopes will boost businesses and households. Money Saving Expert founder Martin Lewis has been tweeting "explanations and jargon translations" throughout.
Early on in his speech in the House of Commons, the Chancellor outlined support for struggling pubs. He said a “Brexit pubs guarantee” will see the duty on draught products in pubs up to 11p lower than the duty in supermarkets from August.
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Mr Hunt said he would “significantly increase the generosity of draught relief”, saying this could not be done when the UK was in the EU.
He told MPs: “From August 1 the duty on draught products in pubs will be up to 11p lower than the duty in supermarkets, a differential we will maintain as part of a new Brexit pubs guarantee. British ale may be warm, but the duty on a pint is frozen.”
Millions of drivers are also set to save money at the pumps after Mr Hunt announced he will keep a freeze on fuel duty. The 5p-a-litre cut in fuel duty, announced during the Budget last year, will also remain in place.
Motoring group the RAC says the announcement from the Chancellor will save drivers £3.30 at the pump over the next 12 months. Fuel duty is a tax on petrol, diesel, biodiesel and bioethanol and is included in the price you pay for every litre of fuel you buy.
Currently, fuel duty on both petrol and diesel is 52.95p-a-litre and this rate has been frozen since 2011.
The move didn't go down well with everyone. Paul Johnson from the Institute of Fiscal Studies tweeted: "Recall that the government has spent months saying it can't find any money to prevent nurses and teachers getting very big pay cuts. He just found £6 billion to cut fuel duties. That's a choice."
Following the announcement, Mr Lewis simply said: "Fuel duty rate will (as always happens) be frozen including the 5p cut introduced last. #Budget2023. As will duty on a pint."
He added that ISA rates and starting rates for savings will be maintained, including Lifetime ISAs, and that there will be an extra £200m to help fix potholes in England.
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