Martin Lewis issues Budget verdict on how it will affect pound in your pocket

Martin Lewis issues Budget verdict on how it will affect pound in your pocket Martin Lewis, the financial journalist who presents his own TV show, has reacted to the budget delivered by the Chancellor John Healey on Wednesday afternoon Martin Lewis has revealed who the major winners of today's Budget are as the government vowed energy bill relief for millions of Brits. Labour Chancellor John Healey outlined his plans to give Brits "breathing space" ahead of the winter months and the hike on energy bills. In a major announcement, Mr Healey announced an estimated 20 millions households would get £100 to help with their energy bills. He also revealed the UK has been hammered by the increased cost in borrowing with Britain spending £14 billion on debt interest this year. "Those are the storms we face," he told MPs today in the House of Commons. Martin Lewis broke down today's announcements and detailed how they could affect people's wallets. He covered energy bill intervention, standing charges as well as cash ISA limits. Stay up to date with everything announced in our Budget 2026 live coverage. The money saving expert welcomed the scrapping of the gas standing charge, which is projected to help people on lower incomes. Mr Lewis said: "Lower users will pay less," he said. "Higher users will pay more but, ultimately, that is a big win because it means to more you use the more you pay, the less you use the less you pay. it's a much simpler system. But he revealed the major government intervention on energy prices would see millions of Brits benefit. Mr Lewis, who presents his own show on TV, said: "The big news on energy is in January if you live in a household that pays council tax band A to D your house will get a hundred pounds of energy support paid to you by direct debit." Mr Lewis said the council tax band for the property was the closest measure of household income as the government does not have detailed information about that for every household. Those aged under 65 will see a a major boost to their investment potential after previous plans to cut the amount that could be invested in an ISA were scrapped. Mr Lewis said: "The Cash ISA limit which was due to be slashed for under 65s to £12,000 a year from £20,000 a year, that's gone. That's no longer happening and all the anti-avoidance measures that have been put in place like you couldn't transfer from a shares ISA to a cash ISA...that's all gone too. "The first-time buyers ISA will be launching in April 2029. It's a much simpler product than the lifetime. "But one I was most happy about because I've been campaigning on this for years. They're changing the penalty on the lifetime ISA. So, right now, if you buy a house and it costs over the £450,000 threshold, you have to pay a penalty - effectively a fine - of over six per cent to the state to get your money out to use it on your house. That's gone." But there were some key takeaways from the Budget that could lead to more Brits being taxed, namely via fiscal drag. Mr Lewis continued: "As your earnings go up due to inflation and average earnings, more of your earnings will pay tax. That's what fiscal drag is. That's the biggest revenue raiser. That isn't changing.