Business

The Budget: Your questions answered

Shoppers on Oxford Street
Image caption How does the Budget affect your finances?

Chancellor George Osborne said his Budget would be "for people who work hard and aspire to get on" but what does it mean for you?

BBC News Business Presenter @BBCBenThompson was joined by tax and finance experts Christine Ross and Francesca Lagerberg to answer your questions in a live Q&A on Twitter.

Here is an edited version of the session which was held on Thursday 21 March.

Question from Alison Stockall via email: Please would you confirm the official definition of a "newly built home"?

Francesca Lagerberg answers: New builds AND existing homes will get the break, but there will be more details after consultation in the summer.

Question from @jamesgr1 on Twitter: I'd love to know why I cannot combine my wife's unused income tax allowance and mine?

Christine Ross answers: Independent taxation was introduced in 1990 & gave non-working wives their own tax allowance - may help some, but seen as step back.

Question from @Dwizard4 on Twitter: Hi Ben, as a retiree, am I to assume I can now downsize to a new appt and get 20% int free loan from taxpayers? Crazy?

Christine Ross answers: It appears so, but subject to consultation. You can buy a home, as long as it's brand new, govt will lend you 20% of value.

from @TaniaJayeWard: Single parent family, resident parent struggling self employed in order to work. Barely scraping rent. Any help for us?

Francesca Lagerberg answers: Personal allowance going up to £10k from next year puts a little more money in your pocket. From 2014, childcare changes help too.

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Media captionBen Thompson and guests also answered your questions on air

Question from @colrob321 on Twitter: I'm pleased the Chancellor has scrapped fuel rise but why can't he reduce the tax he takes from the pumps?

Christine Ross answers: Fuel duty not being reduced, but planned increases scrapped yet again. Chancellor says will help motorists.

Question from @WilliamHouston6 on Twitter: I am 65 in July 2017 with 40 years contributions will I get the new flat rate of £144 per week?

Christine Ross answers: Yes, you will get the new flat rate pension, which comes into force from 2016.

Question from Jim Hillage via email: Did the Chancellor miss a trick by not targeting new Employment Allowance at employers taking on under 25s?

Francesca Lagerberg answers: Potentially yes, because didn't target this measure to a specific group, but he's gone for helping anyone with employees instead

Question from Jim via email: I'm due to retire in September 2016, will I qualify for the new pension?

Christine Ross answers: Yes, you will get the new flat rate pension, which comes into force from 2016.

Question from Steve via email: I am a first time buyer, please can you put into 'Plain Speak', how today's budget could help me?

Christine Ross answers: If you have a 5% deposit, govt will give you 20% loan on better terms with rest provided by bank/lender to buy new build home.

Question from @AntonRodrigues on Twitter: Mortgage deposit help. Can the future outcome of this be UK's own Sub Prime Mortgage disaster?

Francesca Lagerberg and Christine Ross answer: Real caution needed here. Managing the lending risk will be key to avoid repeat of US crisis.

You can follow Ben on Twitter: @BBCBenThompson