What Labour's first Budget means for your money in Ipswich

The big picture: The Budget delivers minimum wage increases and support for carers while introducing new taxes on vaping, adjusting alcohol duties, and making changes to housing policies and transport costs.

Here are the key changes affecting your wallet:

• Wages: If you're over 21, the minimum wage rises to £12.21 per hour from April (up from £11.44). Younger workers aged 18-20 will see their minimum rate jump to £10.

• Travel costs: Bus fares will increase as the £2 cap on single journeys rises to £3 from January. Drivers get some relief as the 5p fuel duty cut continues for another year.

• Vaping: A new £2.20 tax per 10ml of vaping liquid starts from October 2026.

• Alcohol: Pub-goers benefit from a 1.7% tax cut on draught drinks, but other alcoholic beverages will see tax rises in line with inflation.

• Smoking: Tobacco tax increases by 2% above inflation, with hand-rolling tobacco rising by 10% above inflation.

For carers: The earnings threshold for full-time carer allowances increases from £151 to £195 weekly, meaning carers can earn more while keeping their benefits.

Housing impact: Second-home buyers face higher costs as the stamp duty surcharge rises from 3% to 5%, but there is a £500m boost to the affordable homes budget, which runs until 2026. Social housing providers can increase rents above inflation as part of a multi-year settlement.

Looking ahead: Income tax band thresholds will rise with inflation after 2028, which should prevent more people from being pushed into higher tax bands as wages increase.

The bottom line: While workers on minimum wage will see significant increases in their pay, new taxes on vaping and changes to housing costs could impact household budgets.