Budget calculator 2023: how will your income change?

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Jeremy Hunt announced a number of changes in Wednesday’s budget including plans to overhaul pension tax allowances and reform the childcare system.The chancellor said the lifetime limit on how much people can save in their pensions tax free will be abolished, and the annual allowance will rise from £40,000 to £60,000.He announced that the energy price guarantee supporting households would continue to cap the typical annual gas and electricity bill to £2,500 a customer until the end of June, following pressure from charities during the cost of living crisis.He also confirmed plans to reform the childcare system to support working parents, saying the policy could reduce childcare costs for families by nearly 60%.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionWhat do the announcements mean for your personal finances?

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