Budget 2018: What does it mean for me?

The final Budget before the UK leaves the EU has been delivered by Chancellor Philip Hammond - preparing the country for what he says is a "new chapter" for the economy.

Lots of measures that will affect the money in your pocket have been announced in the speech which lasted for well over an hour. Here is what it means for you.

Will I pay less income tax?

A total of 31 million people pay income tax in the UK: 18 million men and 13 million women.

Some 25.6 million of these taxpayers pay income tax at the basic rate.

The amount you can earn each year before this basic rate of income tax is paid - called the personal allowance - stands at £11,850 at the moment.

In April, a year earlier than expected, this will change so the first £12,500 of earnings will be free from income tax. The higher rate of tax, which starts to be paid at £46,350 at the moment, will start at £50,000 in April, also 12 months earlier than was originally pledged.

This will be a boost to the take-home pay of millions of people. Accountants Deloitte said this would mean an annual tax saving of £130 for basic rate taxpayers, £860 for higher rate taxpayers and £600 for additional rate taxpayers.

However, changes to National Insurance could reduce those gains for higher rate taxpayers to around £500.

This will cost the Treasury £2.8bn in the next financial year.

These levels will be frozen the following year, but significantly will rise in line with inflation thereafter. That means, as people earn more, they will not automatically be dragged into a higher tax band.

The way income tax is levied is different in Scotland, owing to its devolved powers. At the moment. the starter rate also begins when annual earnings reach £11,850, but this will have to rise to £12,500 next year.

The higher rate currently starts at £43,430 and will be set in Scotland. Any changes will be announced in the Scottish Budget in December.

What about benefits? Hasn't Universal Credit proved controversial?