Chancellor Rishi Sunak was decidedly upbeat as he delivered his Budget speech, declaring: “growth up, jobs up, debt down.

"Let there be no doubt our plans are working.”

The contrast to the general public mood couldn't have been starker, with millions facing a winter of discontent as household bills soar.

And with the chancellor revealing that inflation is set to average 4% next year, the outlook for 2022 isn't exactly rosy either. 

 So, following news that our economy will rebound far faster than expected, did this mean Sunak was able to loosen the purse strings and give the public a much-needed boost?

Here are the key announcements from the 2021 Autumn Budget.

In almost every Budget there's a headline 'giveaway' that the chancellor holds back to end his speech on a high.

This year's 'rabbit out of a hat' was a boost to low-income workers in the form of a dramatic change to the Universal Credit (UC) taper.

The taper rate effectively reduces the amount of financial support a worker gets as they earn more, and is currently set at 63%.

That means for every extra £1 someone earns, their UC is reduced by 63p. However, Sunak plans to cut this to 55% over the coming weeks.

While this will be a significant boost to the more than two million UC recipients in work, broadcaster Faisal Islam pointed out on Twitter that this only reverses "a third or so" of the £20 reduction in UC that the Government enforced earlier this month.

So, a classic case of giving with one hand and taking with the other, then...

There wasn't much in the speech relating to pensions, but there were two changes that may well help pension savers.

First up, the Government has announced that it will finally address the 'net pay' issue, which effectively means the lowest-paid workers miss out on tax relief.

Steven Cameron, pensions director at Aegon, said the change will benefit 1.2 million individuals by an average of £53 a year. However, the changes won't come into effect for another three years.

The second announcement is that the Government will launch a consultation on the pension charge cap. In effect, some default pension funds are prevented from investing in certain assets because the overall charges would exceed the current 0.75% cap. 

While removing the cap might sound bad news, the idea is these investments could provide far better returns that outstrip the increased fees.

"A small increase in charges in return for a bigger increase in investment returns is of course a good thing," said Cameron at Aegon.

For the 12th year running, the 'planned' rise in the tax on fuel was cancelled, meaning the rate is frozen at 57.95p per litre.

Sunak said those consecutive years of frozen rates had saved the average driver £1,900.

While no increase is technically good news, many motorists will have been hoping for some kind of tax reduction given that pump prices are currently at record highs.

As Simon Williams, RAC fuel spokesman, said: “As VAT is charged on the final cost at the pumps, a temporary cut in VAT to motor fuels would have benefitted drivers immediately at a time when filling up the car is hurting household budgets more than ever before as well as the wider economy as people will have less money to spend.”

• Top tips to pay less when filling up

Tax increases weren’t mentioned in the speech but the chances are you’ll still be paying more next year, pointed out Sarah Coles, senior personal finance analyst at Hargreaves Lansdown.

The major tax hike had already been announced, with National Insurance and dividend tax both rising 1.25% in April 2022,” she said.

“The more you earn, the bigger an impact this will have, but NI will add £180 a year to the tax bill for a typical basic rate taxpayer earning £24,100.”

She also highlighted the freezing of tax allowances back in the spring. In particular, the personal allowance sticking at £12,570 and the higher rate threshold being frozen at £50,270.

“More pay rises, including the rise in the minimum wage, will push more people over these thresholds, and leave them paying more tax,” she added.

Sunak confirmed £300 million would go towards a start of life offer for families, including parenting programmes, as well as funding for family hubs across England.

He also announced new investment of £1.6 billion for 16- to 19-year olds’ education in England. This will maintain funding in the face of demographic growth.

A new lower rate of Air Passenger Duty will apply between airports in England, Scotland, Wales and Northern Ireland from April 2023, the Chancellor announced.

However, a new ultra-long haul band in duty will apply for flights of more than 5,500 miles, meaning the longer you travel, the more you will pay.

Sunak is to introduce a “radical simplification” of alcohol duties, which he said was outdated, complex and full of historical anomalies.

The number of duty rates will be reduced from 15 to six. The stronger the drink, the higher the tax rate levied.

The changes, which come into force in February 2023, will see some higher strength spirits and wines becoming more expensive – and lower strength drinks becoming cheaper.

The premium on sparkling wines is being removed and they will only pay the same duty as wines of a similar strength.

Meanwhile, a small producer relief will include cider makers for the first time, while a draught relief will be brought in to help pubs. It will mean a 5% duty cut on draught beer and cider served from containers over 40 litres, and shave 3p off the price of a pint.

We’re making sweeping reforms to our outdated alcohol duty system. Introducing a new system that is simpler, fairer, and healthier - as well as permanently cutting the cost of a pint by 3p.
Watch this video to learn more.#Budget2021 #SpendingReview pic.twitter.com/yFchSPwA6R

— HM Treasury (@hmtreasury) October 27, 2021

As was confirmed earlier this week, National Living Wage is set to rise sharply next April (2022).

The minimum amount employees should be paid if they’re over the age of 23 – and not in the first year of an apprenticeship – will increase from £8.90 level to £9.50.

However, Sarah Pennells, consumer finance specialist at Royal London, warns this could be wiped out by the rising cost of living.

“Inflation, already ahead of the Bank of England’s 2% target, threatens to bite even harder, with the OBR predicting that the CPI rate of inflation will average 4% next year,” she said.

While the saying goes that no news is good news, many groups will be left disappointed there wasn’t even the smallest of carrots in the Budget on offer.

Specifically, the self-employed and retired, who have both taken a series of knocks since COVID struck, were completely overlooked in the speech.

There were loads of announcements from an upbeat chancellor but, after listening to his entire speech, many households would still be left wondering how they’re going to make ends meet as they head into a winter of discontent and a tricky 2022.

Giveaways like the Alcohol Duty changes were given a lot of airtime but will make little difference to most people.

Where was the help on energy bills as prices soar? A boost to winter benefits? A VAT reduction on petrol and diesel to help motorists deal with record high pump prices?

These kinds of changes would have really helped struggling households across the board.

With the chancellor admitting inflation is likely to average 4% next year (and a painful NI hike coming in April), households are facing very real and growing pressure on their monthly budgets.

3p off their pint is not going to fix that.