Chancellor George Osborne has delivered his first Budget of the new coalition government - outlining plans to ''balance the books' by 2016.
He said tough decisions had been ''unavoidable''.
Key tax changes include: a rise in the main rate of VAT from 17.5% to 20% from January 2011; Capital Gains Tax for higher rate taxpayers will go up from midnight to 28%.
Mr Osborne stressed that he wanted to help those on lower incomes. From April 2011 the personal income tax allowance will go up by £1,000 to £7,475.
A major shake up in benefits has also been announced. Tax credits will be reduced for families earning over £40,000 next year; child benefit will be frozen for the next three years. A maximum limit of £400 a week will be introduced on Housing Benefit.
On pensions: From 2011 the Government will accelerate the increase in state pension age to 66.
There were also measures aimed at helping business. Corporation tax will be cut next year to 27% and by 1% annually for the next three years.
For analysis and advice about how the emergency budget will affect you, why not call or e-mail Paul Lewis and the team.
Will you be better or worse off as a result of the Budget?
Will your personal allowances or national insurance contributions be affected?
Perhaps you are concerned about your entitlement to benefits with the changes?
If you are a higher rate tax payer how might the increase in capital gains tax affect you?
Perhaps you run a small business and have a question?
Whatever your question the panel were here to help.
Paul Lewis was joined by:
• Rachel Hadwen, rights advisor, Working Families
• Graham Hooper, head of marketing, Bestinvest
• Leonie Kerswill, tax partner, PricewaterhouseCoopers
• Anne Redston, visiting professor of tax at King's College, London
Presenter: Paul Lewis
Producers: Lesley McAlpine/Diane Richardson