The Know Daily - Thursday 7 March 2024

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Brazil’s first all-women samba school took part in Rio de Janeiro’s carnival last month in a “defiant” parade. Its head Barbara Rigaud explained how samba schools are typically coordinated by men, with women “receiving orders”. “Here, a woman can express her desires, her ideas, her opinions, which increases self-esteem,” said Rigaud. 

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💼 Budget breakdown

Yesterday, Chancellor Jeremy Hunt delivered the spring Budget, the last before the next election. The Budget affects how much tax you pay, the benefits you get and where you can save your money - and here are some key takeaways:

A cut to national insurance
From April, workers will pay 2p less in national insurance (NI), which could reportedly save the average earner up to £450 a year. However, the Office for Budget Responsibility (OBR) - the UK’s independent  financial forecaster - has warned that the typical worker could be "worse off".

This is because tax thresholds - the amount you can earn before you start paying tax and national insurance - will remain frozen. Essentially, you might have a bit more money in your pocket from the tax cut, but you might end up paying more tax as you earn more.

Support for families
Families will be able to earn more money before losing child benefits, as the The High Income Child Benefit Charge threshold will increase from £50,000 to £60,000.

The Household Support Fund - a “vital lifeline” for many during the cost-of-living crisis - will be extended for another six months.

What else?

• New tax duties mean vaping and smoking will be more expensive. 

• Continuing freezes on fuel and alcohol duty mean petrol and drink prices won't go up.

• A new tax-free savings account - The British ISA - was introduced, but there's no confirmed start date.

• If you fly in anything fancier than economy class, you'll pay more tax.

• A budget boost for Britain's creative industries, including £26.4m to the National Theatre and tax relief measures to encourage more filmmakers to shoot movies in the UK.

Want to learn more about how the Budget will affect you?
Check out Sky’s Budget 2024 Tax Calculator, The Guardian’s breakdown on what the budget means for people on a range of incomes, and, if you prefer podcasts, here’s one from Martin Lewis at the BBC.