Will you be better or worse off because of today’s Budget? Our summary answers that question, please read on to find out.

Winners

Earners

The Chancellor brought forward an election pledge to increase both the Personal Allowance and Higher Rate tax band, affecting 32 million people. From April 2019, the Personal Allowance will increase to £12,500, while the higher rate tax threshold will be £50,000, rising from £11,850 and £46,351 respectively.

The National Living Wage will also increase to £8.21 from April 2019 from the current £7.83, re...

Just after 3.30 pm today the Chancellor, Philip Hammond, stood up to deliver the first Budget on a Monday since 1962 and the last before Brexit.

He started by saying this would be a Budget for "hard-working families … who live their lives far from this place ... and care little for the twists and turns of Westminster politics".

Nevertheless, he soon turned to Brexit although, as usual, he started with a review of the state of the UK economy.

The economy and public finances

The Chancellor said growth would be “resilient” and improve next ...

Many Brits are lacking a financial safety net to protect them from income shocks. It means they could be putting their home, possessions and lifestyle on the line, research suggests.

Family finances are stretched, and many are choosing not to put money away for a rainy day. However, with worries about what would happen if income were to unexpectedly stop, taking steps to boost financial resilience is important.

Research from Aegon found:

• 45% would rely on their savings if the main earner was unable to work for six months or more
• But ...

Investors are increasingly investing their money with sustainability concerns in mind, figures show. As October marks Good Money Week, we take a closer look at what ethical investing is and how the demand is growing.

It’s predicted that the UK’s demand for ethical investment will grow by 173% by 2027, according to research from Triodos Bank. With the projected total amounting to £48 billion, ethical investing is slowly moving into the mainstream. But what is it and how does it influence your investment choices?

What is ethical investment...

Investing can seem like a daunting process. But getting to grips with investing can lead to greater financial security and growth.

Whether you’re investing for the first time or expanding your portfolio, it’s important to understand how your objectives and situation should influence your decisions. Asking these seven questions beforehand can support you when it comes to making investment choices.

1. What are your goals?

Before you even start investing your money, you should have a realistic idea of what you’d like to achieve. Your goals...

The number of people saving into a Workplace Pension has reached a record high. But far from providing a comfortable retirement income, those making minimum contributions could face an unexpected shortfall when the time comes to giving up work.

Pensioners could have less than minimum wage to live on, despite making monthly pension contributions, according to Aviva.

Alistair McQueen, Head of Savings and Retirement at Aviva, said: “Millions of people are sleepwalking towards less than minimum wage at retirement.

“To their credit, millions...

Going to university can be expensive. But not just for the student; parents are expecting to pay out thousands of pounds every year to help their child secure a degree.

Parents anticipate spending £5,721 each year their child is at university, according to research from Lloyds Bank. Over the course of an average three-year degree, it amounts to £17,165. With around half of young people choosing to pursue higher education, it’s an expense many households in the UK could be facing.

Just 10 years ago, the figure would have been enough to co...

More pensioners are choosing to forgo a guaranteed income that comes from an annuity, instead favouring making withdrawals directly from their pension using flexi-access drawdown. While providing more flexibility, the latest data suggests those using drawdown may face financial hardship later in life.

Ensuring that your savings will support you throughout your later years is a critical part of financial planning. Part of this is making sustainable withdrawals from your pension.

Two years ago, the average pension withdrawal rate was 4.7%....

The Bank of England (BoE) has increased interest rates above 0.5% for the first time since 2009.

Today, the Monetary Policy Committee (MPC) voted unanimously to push up the base rate by 0.25% to 0.75%.

That’s not a massive increase; savers aren’t going to suddenly start seeing real returns on most of their bank or building society accounts and it won’t cause significant pain to most mortgage holders.

However, coupled with the 0.25% increase in November last year, it is another warning shot that interest rates aren’t going to stay at rec...