Chancellor Kwasi Kwarteng has delivered his Mini-Budget in the House of Commons - but how does this affect you?
The Mirror has pulled together a new calculator to highlight some of the key changes revealed today.
One of the key announcements was a change to National Insurance contributions, with the Chancellor set to axe a hike that was brought in earlier this year.
At the moment, you pay 13.25% on earnings between £12,570 to £50,270 - this will fall back to 12% from November 6.
You pay 3.25% on earnings above £50,270 but this will go down to 2%.
The reversal of the 1.25 percentage point hike will result in an annual saving of £218 for someone earning £30,000, rising to £468 for someone earning £50,000.
The next big change was the bringing forward of a 1p cut to Income Tax.
You pay tax on your earnings above a certain threshold - at the moment this is 20p in the pound but this will drop to 19p from April 2023.
This cut was originally due to take place in 2024.
The Government is also abolishing the top tier higher 45% rate of Income Tax and will replace it with a single higher rate of 40%.
At the moment, you pay the 45% rate of income tax when you’re earning over £150,000 - so this move benefits only 1% of workers, who will save £10,000 on average each.
The other huge announcement came earlier this month, when Prime Minister Liz Truss confirmed she will freeze energy bills at £2,500 for two years for someone with typical use.
A new Energy Price Guarantee will come into effect from October 1.
Under the Ofgem price cap, which is being replaced by the Energy Price Guarantee, energy bills were to rise to £3,549 on average.
The new £2,500 figure is still higher than the current price cap though, which is set at £1,971.
You should also note that Energy Price Guarantee, much like the Ofgem price cap, is not an absolute cap on your bills.
It will instead put a cap on the unit rates of gas and electricity you’re charged, as well as the standing charge.
This means if you use more energy, you could still pay above £2,500 - or use less, and you’ll pay less.
Unit rates also vary between regions - the £2,500 figure is an average.
The Government has confirmed the £400 energy discount, which will be spread out over six months, will also still happen.
Our calculator assumes your current energy use is accurate and should only be seen as a rough guide for people paying a dual fuel, variable tariff by direct debit.
It is impossible to be 100% accurate as there are lots of variables that could impact your bill - and the price cap is what someone with "average" or "typical" energy use will pay.
If you've built up a lot of "credit" in the summer months, then this could mean you won't pay as much as 80% more in the winter.
Or if you find you're using more or less energy, this will also affect how much you're paying.
