What time is the Budget and what might be in it? - BBC News
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Energy bills and cost of living help
Household energy bills are set to see their biggest rise in four years in January, with a typical annual bill forecast to jump by £276.
Healey has announced that standing charges for household gas bills will be removed for about 23 million homes. These charges are fixed daily fees that are paid by households no matter how much gas they use, and average £108 a year.
The government aims for Ofgem to deliver the removal of these charges in 2027 or "as soon as possible after".
However, this will be offset by higher unit costs for gas. Overall, the Treasury estimates that three-fifths of households will see an average saving of £45 a year.
The government also plans to remove tariffs from 100 food items, saving households up to £21 per year.
The Budget will maintain:
- Fuel duty freeze
- 5p fuel duty cut introduced in 2022
Your First Home scheme
The Budget will contain more details on Burnham's planned Your First Home scheme, aimed at helping first-time buyers in England.
The scheme will allow people to buy a new-build home with a deposit of 2.5%. It would provide them with a loan worth 20% of their property's value.
Eligible buyers will have combined incomes of £110,000 outside London, and £140,000 in the capital.
Minimum wage increase
A minimum wage increase will be announced, but 18- to 20-year-olds will see lower increases than in previous years, according to the BBC.
Pay for younger workers will rise in line with the increase in minimum pay for employees aged 21 years and over.