Rachel Reeves has unveiled a £14bn package to repair the UK economy in her spring statement, as the UK’s budget watchdog halved its forecast for economic growth to just one per cent.

The chancellor confirmed a squeeze on the welfare budget and cuts to the civil service, while detailing a rise in defence spending and an increase in Universal Credit (UC).

Wednesday’s statement saw Ms Reeves face criticism from the Conservatives, who claimed she had “tanked the economy” and was “reckless” with the fiscal headroom she had left herself with.

There was no change announced to limits on the cash Isa as had been mooted, but newly announced changes to UC and the impending alterations to National Insurance Contributions and the minimum wage may still affect your financial position.

Follow reaction to Ms Reeves’ statement here in our live blog.

The Independent’s Budget calculator below, created by tax advisory firm Blick Rothenberg, will help you to determine whether you are better or worse off following Wednesday’s statement.

Enter your details including how much you earn, marital status and family details to see how your finances will be affected.