The Chancellor’s Spring Statement – what you need to know
Rishi Sunak delivered his Spring Statement today. We’ve sifted through the detail to bring you what you’re most likely to want to know about.
- Fuel duty will be cut by 5p per litre until March 2023 – that means filling up a typical family car will cost around £3.30 less
- Homeowners installing energy efficiency materials won’t pay VAT – eligible improvements include items such as solar panels, heat pumps, or insulation.
- Most employees will be £330 a year better off – as the income threshold at which people start paying National Insurance will rise to £12,570 in July 2022.
- Basic rate of income tax will be cut from 20p to 19p in the pound before the end of this Parliament in 2024.
- Many smaller businesses will be £1,000 per year better off – as the Employment Allowance, which gives relief to smaller businesses’ National Insurance payments, will increase from £4,000 to £5,000 from April 2022.
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Sam Murphy – 23rd March 2022