Chancellor Rishi Sunak has announced the contents of his Spring Statement today (23rd March 2022).
Amongst his statement he announced he would cut fuel duty, raise the threshold at which people start paying National Insurance and also pledged to cut the basic rate of income tax before the next general election.
- Fuel duty will be cut by 5p per litre until March 2023, this will commence at 6pm 23rd March 2022
- The income threshold for which people start paying National Insurance Insurance will rise to £12,570 in July
- Pledged to cut basic rate of income tax from 20p to 19p in the pound before the end of Parliament
- The Employment Allowance, relief to small businesses National Insurance payments, will increase from £4,000 to £5,000 from April