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Budget day: your cash ISA survives and your gas bill gets simpler
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Morning,
It's Budget day in the UK, and the red box has already left Downing Street. Two big wins for your wallet have ‘leaked’ out before Chancellor Healey even stands up. Let's get into what it means for your money.
This is Money
Your cash ISA is safe (for now)
Chancellor John Healey is set to ditch predecessor Rachel Reeves' plan to cut the cash ISA allowance. A cash ISA is just a savings account where your interest is tax free, and the limit will stay at £20,000 a year.
- Why it matters: if you were rushing to stuff your ISA before a cut, you can relax
- Reeves wanted to push savers toward investing instead, but that idea is being shelved
- Financial planners are calling it welcome news for anyone who likes a tax free safety net
The Guardian Business
No more standing charges on gas bills
Healey is abolishing the daily fixed fee on gas bills for 23 million homes, calling it 'unfair and outdated'. The change should land in 2027 or soon after, saving two thirds of households around £45 a year.
- The detail: standing charges are the flat daily fee you pay regardless of how much gas you use
- Scrapping them shifts more of the cost onto actual usage, which mostly helps lower users
- It is a budget headline measure, so expect plenty of debate about who really benefits
The Guardian Money
Who wins and who pays in today's budget
Struggling households, new homebuyers and small shops look set to gain, while banks and online marketplaces could face higher levies. This budget will also set the tone for Andy Burnham's time as PM, despite earlier promises that tax and spending would balance neatly.
This is Money
Minimum wage hike sparks hospitality backlash
Restaurant and shop bosses are warning that a further minimum wage rise could make hiring even harder, and they want breathing room on taxes today.
- Why care: higher wages are good news if you work in these sectors, but owners say it could mean fewer jobs or higher prices
- Hospitality margins are already tight, so this is one to watch as prices on your next meal out might shift
CNBC Top News
Israeli election leaves markets jittery
Exit polls show Prime Minister Netanyahu's alliance and the opposition bloc both falling well short of a majority. Israeli bonds and the shekel fell on the news, a reminder that political deadlock abroad can ripple into global markets even if your portfolio feels very far from the Middle East.
CNBC Top News
Robinhood shares slip despite growth
Robinhood's third quarter revenue met expectations, helped by its push into options trading and prediction markets, but a slump in crypto dragged on profits and shares fell anyway.
- A good example of how one weak segment can overshadow strong growth elsewhere
- Worth remembering if you hold diversified investments that mix old and new business lines
Marcus's take
Budget days are basically Christmas for personal finance nerds, and today delivered two actual presents: your ISA allowance survives and your gas bill gets a bit less confusing. The minimum wage row shows there is always a trade off lurking behind the good news. And if Robinhood and Israeli bonds teach us anything, it's that markets wobble over all sorts of things that have nothing to do with your own savings plan. Steady as she goes.
One more thing
Somewhere in Westminster today, a civil servant is carrying an actual red box with the Budget speech inside, because apparently we are still doing this bit like it's 1860.
That is all for today.
Marcus
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