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Phillip hammond

Spring Budget 2017: What you need to know

Chancellor Phillip Hammond has outlined the government's financial plans for the year, including changes to National Insurance for the self-employed and a new T-Level qualification.

It was the last Spring Budget before it moves to a new regular spot in the Autumn, and as a result, it was a quiet budget with a lot less announced than in previous years.

However, here's how the policies revealed will affect you.

We went Facebook Live with blog editor Andy Webb to look at how the Budget announcements will affect the money in your pocket.*

*CORRECTION: Cigarettes could get more expensive with the minimum amount of tax of £5.37 on a pack of 20 costing £7.35.​

If you’re self-employed

Class 4 National Insurance Contributions (NICs) will increase by 1% to 10% in April 2018. In April 2019 they will rise by a further 1% to 11%. This works out at around 60p per week increase on average.**

Class 2 NICs will be axed, as planned from April 2018.

**CORRECTION: It has since been announced there will be no increases to Class 4 NICs for self-employed during this parliament.

If you have shares in a company

Tax-free dividends will reduce from £5,000 to £2,000 in April 2018.

If you smoke

Cigarettes could get more expensive with the minimum amount of tax of £5.37 on a pack of 20 costing £7.35.

If you drink sugary drinks

Sugary drinks will cost more. The rates for the already announced sugar tax will be 18p (if there are 5 grams or more of sugar per 100ml) and 24p (if there are 8 grams or more per 100ml) from April. The expected £4bn raised will go to school sports and healthy living projects.

If you’re returning to work after a long break

The government will invest £5 million to find ways to better support “returnships” for people who’ve taken a long break from their career, open to women and men returning to work after raising children.

If you’re hoping to study for a technical qualification

New T-Levels will be launched in autumn 2019 for students aged 16-19. The qualifications will give technical training to parity with A-Levels.

Students taking the T-Levels at National Colleges or Institutes of Technology will be entitled to maintenance loans, similar to university student loans.

If you struggle with terms and conditions in consumer contracts

A paper will be released in the summer for consultation that will lay out plans to make terms and conditions easier to understand, including for digital contracts. Plus, the government hopes to prevent automatic charging for subscriptions when a free trial ends.

If your child goes to a selective school and has free school meals

There will be free school transport for children getting free school meals at selective schools. No date was announced for this.

Already announced

A few policies spoken about by the Chancellor had already been announced in previous budgets or last November's Autumn Statement including:

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