Spring Statement

Chancellor Rishi Sunak announced his Spring Statement on 23rd March. 

Some of the key announcements were:

  • The first cut to the basic rate of income tax in 16 years – from 20% to 19% – by the end of Parliament in 2024
  • Fuel duty will be cut by 5p a litre from 18:00 GMT until March 2023
  • The National Insurance threshold will be raised by £3,000, meaning people must earn £12,570 per year before paying income tax or NI. It’s a tax cut for 30 million people worth over £330 a year, says Sunak
  • VAT will be scrapped on home energy-saving measures such as insulation, solar panels and heat pumps
  • The Household Support Fund for local councils to help the most vulnerable will be doubled to £1bn from April
  • Retail hospitality and leisure sectors will have a 50% discount in business rates up to £110,000 – starting from 1st April (previously announced and confirmed in the statement).

You can find the full Spring Statement here: https://link.edgepilot.com/s/226530f1/zY23JF8vykehovVVVvzeaA?u=https://www.gov.uk/government/publications/spring-statement-2022-documents

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