00:00 Mr Chancellor of the Exchequer.
00:07 In recent times the UK and the UK economy has dealt with a financial crisis, a pandemic and an energy shock caused by war in Europe.
00:17 At the end of last year the UK fell into a minor recession and household budgets continued to be squeezed by the increased cost of living.
00:24 And so all eyes were on the Chancellor on Wednesday afternoon as he brought his plans for the UK's financial future into the Commons.
00:31 A whole host of measures announced but which are most likely to affect you.
00:35 Because we have asked those with the broader shoulders to pay a bit more, today I go further.
00:41 From the 6th April UK workers will see a two pence cut to national insurance.
00:45 That's after it also fell by the same amount in last year's autumn statement.
00:49 It'll save the average worker £450 a year.
00:53 Lots of families and sole traders depend on their car.
00:57 If I did nothing, fuel duty would increase by 13% this month.
01:02 The average motorist will save around £50 next year as Hunt bids to freeze the fuel duty five pence cut for another year.
01:09 This along with the next measure will reduce headline inflation according to the Chancellor.
01:14 In the autumn statement I froze alcohol duty until August of this year.
01:19 Without any action today it would have been due to rise by 3%.
01:24 In a bid to help both the struggling hospitality industry and those who found it harder to afford nights out through the cost of living crisis,
01:31 alcohol duties which should have risen by 3% will now stay slashed until February 2025.
01:37 Hunt says this measure will benefit around 38,000 pubs.
01:41 And today I take further steps to help families with cost of living pressures,
01:45 starting with measures to help the poorest families.
01:49 And focusing on lower income households, the planned end to the Household Support Fund looming at the end of the month has been pushed back for a further six months.
01:57 The money is used by English local councils to help struggling families through the use of food banks, warm spaces and food vouchers.
02:05 Additionally, to help those households avoid debt when emergencies come along,
02:09 the repayment period for new loans will be extended from 12 months to 24, with 40,000 families also helped by the abolition of the £90 debt relief orders.
02:19 The Chancellor has hardly said anything.
02:22 [laughter]
02:27 Commons was awash with shouts from the opposition, prompting Deputy Speaker Elaine Lang to call for order more than once before any measures were even announced.
02:35 The jeers only worsened once Hunt began laying out his plans and once the Leader of the Opposition had his say.
02:40 I call the Leader of the Opposition, Sir Keir Starmer.
02:44 [cheering]
02:48 Thank you Madam Deputy Speaker. There we have it, the last desperate act of a party that has failed.
02:55 [cheering]
02:56 Britain in recession. The National Credit Card maxed out.
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