Economists have warned that millions of Brits could be worse off after Rishi Sunak set out a raft of new spending plans in his Autumn Budget this week.
The chancellor delivered a statement to MPs on Wednesday, detailing his plans for taxation in the upcoming financial year and how public money will be spent.
Changes for working Brits announced in this year's Budget included a rise in the National Living Wage and a new Universal Credit taper rate, but a think tank has warned that the rising cost of living and higher taxes will leave many Brits struggling.
READ MORE: Seven key announcements from the 2021 Autumn Budget and what it means for you
It comes after the government announced earlier in the year that a new 1.25 per cent Health and Social Care tax would be introduced to fund social care reforms and tackle the NHS backlog.
Mr Sunak's Budget also delivered the promise of a new alcohol taxation system that will see the cost of some drinks reduced, and a freeze on fuel duty.
But will the changes to come make you better or worse off?
To find out, we've teamed up with accountancy firm Blick Rothenberg to bring you this Budget calculator.
The handy tax calculator, as published by the Mirror, can tell you whether or not you will benefit from the chancellor's plans.
Simply answer a few quick questions on your income and spending habits below to find out how you will be taxed in the coming year.
Responding to the chancellor's Budget, economists warned that millions of people are going to be worse off due to rising costs and tax increases.
The Institute for Fiscal Studies (IFS) said the poorest face “real pain” and middle earners will also lose out.
Mr Sunak had claimed his Budget would “usher in a new age of optimism” - but the leading economic think tank warned the public “may not get much feelgood factor”.
Instead IFS director Paul Johnson said living standards for many will fall with high inflation, rising taxes and poor growth being “undermined more by Brexit than by the pandemic”.
His warning came as the Resolution Foundation said the poorest fifth will be around £280 a year worse off.
Researchers at the living standards think tank said three-quarters of households on Universal Credit will be worse off, despite the new tapering rules announced in the Budget.
Taxes will reach the highest level since the post-war recovery in 1950 and be £3,000 higher for the average UK household compared with when Boris Johnson became Prime Minister in 2019, they added.
That was coupled with a forecast that the weakest decade of pay growth since the 1930s, combined with rising inflation, means real wages are set to fall again next year.
The Office for Budget Responsibility warned the cost of living could hit the highest rate for 30 years, with inflation forecast to peak at close to 5 per cent next year.
