Chancellor Jeremy Hunt’s package of measures was billed as a “Budget for long-term growth”, but is set against the backdrop of the UK’s struggling economy, which slipped into a technical recession at the end of 2023. Here is a summary of what was announced.

– National insurance cut. A cut in national insurance from 10 per cent to 8 per cent could save the average worker £450 a year, adding up to a £900 saving for 27 million employees when combined with a cut last autumn.

– Fuel and alcohol duty freezes. The Chancellor said he would maintain the 5p cut and freeze fuel duty for a further 12 months. This is expected to save the average car driver £50 next year. An alcohol duty freeze will also continue until February 2025, with the Chancellor claiming this would help 38,000 pubs across the UK.

– Tobacco and flight duties. An excise duty will be introduced on vapes from October 2026, alongside a one-off increase in tobacco duty and a one-off adjustment to rates of air passenger duty on non-economy flights.

Chancellor Jeremy Hunt poses with the red Budget Box as he leaves 11 Downing Street to present the government's annual Budget to Parliament. Photo: JUSTIN TALLIS/AFP via Getty Images

– Oil and gas windfall tax extended. The windfall tax on the profits of oil and gas producers will be extended until 2029, with the aim of raising £1.5 billion in tax.

– Non-dom tax status abolished. The special tax status for non-domiciled individuals in the UK, which allows them to pay tax on only their UK earnings, will be abolished. It will be replaced with a simpler system from April 2025, which Mr Hunt said would be more generous for the first four years, with non-doms having to pay more tax after that point. This is expected to raise £2.7 billion a year in taxes.

– VAT registration threshold. The VAT registration threshold will be increased from £85,000 to £90,000 from the start of April, with the aim of taking “tens of thousands” of businesses out of paying it altogether in order to help them grow.

– British ISA. The new savings account will allow an additional £5,000 investment in UK-based companies and assets, with the aim of helping them expand.

Budget at a glance: What measures did Chancellor Jeremy Hunt announce?