What The budget means for you and your family

  • One million people will be provided with bank accounts over the next five years. Since 2003, the number of people without a bank account has fallen from 3.75 million to 1.75 million, but many are still without this basic function, where they can receive their wages, benefits and their pension.

  • Higher winter fuel payment will be guaranteed for another year, to be paid by closing tax loopholes.

  • Inheritance tax threshold will be frozen for four years.

  • To extend tax credit system for people aged over 60. People will have to work less minimum hours to qualify for tax credits.

  • The annual ISA limit will rise from £7,200 to £10,200, of which half can be saved in cash, from next month. ISA limits will increase annually in line with inflation.

  • Parents of one and two-year-olds to receive £4-a-week increase in child tax credit from 2012.

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