SPRING STATEMENT
The Chancellor stated the UK economy is predicted to grow by 3.8% this year, then slowing year on year thereafter.
Fuel duty will be cut by 5p from 6pm 23 Mar 22 and last for 1 year.
0% VAT on energy-saving materials e.g. solar panels or heat pumps.
The upcoming levy to pay for NHS and social care spending is necessary, as funding is ‘needed now’.
National Insurance threshold will be raised, from July, people will be able to earn £12,570 a year without paying a single penny of income tax or NI.
Employment Allowance for small businesses will increase to £5,000 from the new tax year.
In his final announcement Sunak said “for the first time in 16 years” the basic rate of income tax will be cut from 20p to 19p before the end of this Parliament in 2024.