Budget 2015: Use our calculator to find out how tax changes will affect you

Have Osborne's latest policies hit your pocket or will you be laughing all the way to the bank?

Anti-austerity protester speaks outside Downing Street as the Chancellor of the Exchequer George Osborne presents his summer budget to Parliament and is expected to announce £12 billion in welfare cuts

George Osborne used the first Conservative Budget in 19 years to unveil a raft changes to income tax and wages.

Top of the list for Osborne was a new 'living wage' of £9 per hour by 2020. Osborne is using the rise in the minimum wage, combined with cutting tax credits, to try and pay down the UK's deficit and get the country in the black by 2020.

Osborne said the personal allowance, or the amount you can earn before you get hit with income tax, will go up to £12,500 by 2020, committing the government to increasing the current rate of £10,600 to £11,000 in April next year - £200 more than was previously planned.

The middle classes will enjoy a double benefit - not only seeing their tax-free amount rising but the higher rate 40p tax threshold will go up from £42,385 to £43,000 next April.

And public sector workers will see a four-year freeze in pay.

But what does that mean for you? Use our Budget calculator to work out if Osborne's latest policies will hit your pocket or have you laughing all the way to the bank.

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