A strong Spring Statement announced by the Chancellor today with a clear commitment – we are continuing to do all we can to help people with the cost of living and deliver the biggest cut to personal taxes in over a quarter of a century.
We are:
Increasing the amount you can earn before paying National Insurance by over £3000 to £12,570 – the largest personal tax cut in a decade.
Cutting the basic rate of Income Tax by 1p from 2024 – saving taxpayers over £170 a year.
Slashing fuel duty by 5p immediately for the next year - the largest ever cut across all fuel duty rates.
Doubling the Household Support Fund – a total of £1 billion in support for over 3 million families.
Scrapping VAT on energy saving measures for homes – a £250 million tax cut for homeowners.
Raising the Employment Allowance to £5000 – giving small businesses a £1000 tax cut.
You can find out more about what the Spring Statement means for you here:
https://www.gov.uk/.../speeches/spring-statement-2022-speech
