What the Budget means for ordinary households

Chris Choi talks to people in Sheffield about what the Budget means for their finances. Credit: ITV News

ITV News Consumer Affairs Editor Chris Choi has been speaking to people in Sheffield about the impact of George Osborne's Budget.

With the help of accountants Grant Thornton, Chris has been crunching the numbers and seeing what today's announcements mean for ordinary households.

Kerry Goding, mum of two

The new childcare scheme will help her as she is self-employed and cannot benefit from the current scheme. She will also benefit from the new Marriage Tax Allowance from April 2015.

However, Kerry was underwhelmed by the majority of Mr Osborne's announcements.

"As we expected it was the £2,000 [tax-free childcare], but nothing else really," she said.

Read: Coalition promises £2,000 childcare support

John Mordecai, worker for Sheffield Council

John was more enthusiastic about the changes to ISA's and the new Pensioner Bond.

"I think the ISA limit's really a very good move and the pensioner's bond is as well - I'm two years away from taking my state pension.

"That deals with the interest rate for pensioners, the increase in the amount doesn't deal with interest rates generally for ISA holders and I think anyone who has the money to save will probably find it better than it would have been."

Read a full breakdown of how pensions are changing from finance expert Mark Evans of accountants Baker Tilly.

Abdul Qayum, a business developer

Abdul welcomed some of the Government's announcements.

"The £1,000 reduction in rates may help some businesses and, yes, the increase in apprentices I think is very good for Sheffield, as is the energy incentive for large-scale energy users," he said.

But Abdul was not particularly excited by today's measures.

Businessman Mark James said changes to National Insurance and the Investment Allowance would help his firm. Credit: ITV News

Mark James, a partner in JE James Cycles, which employs over 100 people

Mark said a change to Class 2 National Insurance being collected within self-assessment was a help, as was the increase in apprenticeships.

He said the increase in the annual investment allowance for small businesses to £500,000 was also welcome.

But Mark felt the Government could have gone further to help businesses like his.

Read: Osborne's Budget for 'makers, doers and savers'