Welsh families, businesses and politicians have been counting the cost of today's Budget, as they look to balance their own books.
A new task group will meet for the first time today to try and stop the decline of Cardiff Airport.
From Credit crunch to VAT, here is a quick glossary of some of the key terms you will hear in this year's Budget.
Welsh Liberal Democrat leader Kirsty Williams has welcomed the Chancellor's decision to raise the point at which people start paying tax to £10,000 from next year. She said:
– Kirsty Williams AM, Welsh Liberal Democrat leader
The Welsh Liberal Democrats have today accomplished our number one manifesto pledge by raising the tax threshold all the way to £10,000. We are ensuring that 130,000 of the lowest paid workers in Wales will be lifted completely out of the income tax system while over a million people will receive a £700 tax cut. This is an historic achievement and one that will greatly help hard working families in Wales.
Here are some of the measures announced by Chancellor George Osborne that could affect voters' wallets:
- Rise in personal allowance brought forward to 2014, meaning no income tax on the first £10,000 of earnings
- Tax free child care vouchers worth £1,200 per child and increased support for families with children on universal credit
- Flat rate pension worth £144 a week to be brought forward to 2016
- Fuel duty rise scrapped
- Help for Equitable Life policy holders extended to those who bought with-profits annuities before 1992, with payments of £5,000 and extra £5,000 for those on lowest incomes
- Planned 3p rise in beer duty tax scrapped and replaced by a 1p cut in duty on a pint of beer
- New Help-to-Buy scheme for those struggling to find mortgage deposits will include £3.5 billion for shared equity loans, and a Government interest-free loan worth 20% of the value of a new build house
- Cap-on social care costs to come in in 2017 and protect savings above £72,000
The Treasury's figures, released as the Chancellor sat down, state that the Welsh Government will have £1.3 billion to spend on capital projects in 2013-14. That's £0.2 billion more than was estimated for 2013-14 under last year's budget plans.
However, it's down on the £1.4 billion the Treasury now estimates will be the total capital spending in 2012-13. The main revenue spending total for 2013-14 remains £13.5 billion.
Raising the point where you start paying tax to £10,000 by next year will mean 12,000 people in Wales won't pay any income tax and 1.1 million will pay less, according to Wales Office estimates.
According to the Wales Office, the Chancellor's decision to cancel the planned increase in fuel tax will benefit 1.8m motorists in Wales and save them an average of £25 a year.
September's planned fuel duty rise has been scrapped.
According to the Wales Office, the Welsh Government will receive extra capital funding (for big infrastructure projects) of £161m. As Wales Office minister Stephen Crabb has already said when a new cut to the Welsh budget is taken into consideration, it amounts to an increase of £104m
The Wales Office says that means the Welsh Government will have received an extra £850m over the UK Government's spending review period.
The Chancellor is encouraging early investment in shale gas with a "generous" new tax regime.
The Welsh Government will get an extra £104m over the next two years from the budget, according to the Wales Office minister Stephen Crabb. He says that Wales will only see its budget reduced by 0.2% compared to a 1% cut in other Whitehall departments.
And he says that cut will be off-set by an increase in the knock-on effect of spending in England on devolved areas like health and education, meaning a small increase of £104m.
The Chancellor has just announced a 1% cut in spending by UK government departments. But he says health, schools and local government will not be affected -all three are major factors in deciding the amount of money allocated to the Welsh Government.