It's easy to be overwhelmed by the chancellor's budget announcement.

After all it's talking about spending trillions of pounds so it can be hard to boil down to how it affects the everyday person.

But fortunately there are people like financial expert Martin Lewis around who help break it down and tell you whether you are going to be better, or worse, off.

The founder has been speaking on 5Live about what was hidden in the report. Here are five of the big talking points, as reported by The Mirror.

1. Personal allowance increase: What does it mean?


Martin explains that it will mean a £130 a year gain for anyone earning over £12,500

At the other end of the scale the richest of us will also be better off, with the 40per cent income tax rate moving from £46,350 to £50,000.

“Which means another £730 in the pay packets of people who are above £50,000,” Martin said.


2. Changes to Universal Credit




He added this should give those affected around £600 a year.

3. First-time buyer discounts

For sale signs



“For anyone who's bought a house since the last Budget up to £500,000 on shared ownership – and anyone who does in future – you will not be eligible to pay full stamp duty and you will be able to reclaim it if you've paid it in the last year,” Martin said.

4. Increase in the living wage

“Effectively the national minimum wage for people over the age of 25 will be increasing from £7.83 to £8.21,” he said.




5. Will Amazon prices go up?

Martin had particular interest in a plan to tax digital giants operating in Britain more which means a £400million extra tax from Facebook, Google, Amazon and others.

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He said: "The big concern there is will it push prices up.

“With Amazon it could push prices up.
