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.

Those are the headlines – if you’d like the full detail then check out the summaries on BBC News or The Guardian.

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Sam Murphy – 23rd March 2022