Chancellor of the Exchequer Jeremy Hunt took to the House of Commons earlier today to deliver his Spring Budget to MPs and Martin Lewis was quick to react. The economic plan prioritised energy, pensions and child care.
Before the Chancellor delivered the budget, the government confirmed the energy price guarantee will be extended for a further three months from April to June at its current level. The financial savings expert expressed his delight with the measure after writing a letter to the Chancellor backed by 135 charities.
Despite a letter of acknowledgement from Jeremy Hunt this morning, it’s clear Lewis wasn’t expecting to be namechecked in the House of Commons. He wrote: “I think I just got a name check in #Budget2023 - that’s a first.”
As usual, Martin Lewis has shared his specialist knowledge in finance by taking to Twitter to let his audience know exactly what they’re in for. Here’s how Martin Lewis has reacted to the budget.
Martin Lewis reacts to Spring Budget 2023
Lewis writes: “Pensions big changes to limits (1) The maximum annual amount you can put into a pension is to increase (I presume from April) from £40,000 to £60,000.”
He added: “Pensions big changes to limits (2) Lifetime allowance scrapped. ie no longer a £1m cap on how much in a pension said to be done to help GPs and others stay in work.”
He also wrote: “Pensions big changes to limits (3) PLUS he didnt say but Money purchase allowance up from £4k to £10k. This is the amount you can put in your pension once you’ve already taken some of it. #Budget2023”
Martin Lewis wrote: “Prepay metre price from 1 July will be same as Direct Debits. Difference’ll be paid by state, till Ofgem finishes review into price cap structure. It’s equivalent to a 3% relative reduction, (£45 typical bill). Though when fixes come back few are offered for prepay #Budget2023”
He said: “Universal credit 2m jobseekers will have more rigorous sanctions - if they dont take ‘appropriate’ work. So it’s going to be tougher for people who don’t work and who govt thinks can. #Budget2023”
Lewis writes: “In eligible homes where all adults work 16+hrs. Plan is 30hrs childcare a week in Eng for 9mths to school age (Eng only, but funds to other UK nations). It’ll be phased
-April 24, 2yr olds 15hr/wk
-Sept 24 all 9mths-3yr 15hrs/wk
-Sept 25 all 9mth to school 30hrs/wk #budget2023”.