From extending the energy bill price guarantee to freezing fuel duty, the Chancellor continued to implement plans to help struggling households
Chancellor Jeremy Hunt set out his plans to grow the UK's economy in the House of Commons on Wednesday .
Read on to find out the key announcements revealed in Wednesday's fiscal statement and how they could impact your personal finances. Fuel duty frozen again Duty on fuel - a tax motorists pay when buying petrol and diesel - was frozen and a 5p cut to the rate will continue for a further 12 months. The Chancellor predicted a saving of £100 next year for motorists.
Pension changes The lifetime allowance limit on pensions will be abolished in April, Mr Hunt announced. People will usually pay tax if their pension pots are worth more than the lifetime allowance, which used to stand at £1.07 million. Mr Hunt also unveiled an increase in the annual pension allowance – the limit on how much money someone can build up in their pension in any one tax year while still benefiting from tax relief – from £40,000 to £60,000.
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