Spring Statement 2022: The key points
By Andreea DulgheruIn today’s Spring Statement (23rd March), chancellor of the exchequer Rishi Sunak outlined the government's economic plans.
Section: Politics
The changes announced included a VAT cut on energy-saving improvements, such as solar panels, heating pumps and roof insulation, from 5% to zero over the next five years.
Sunak also announced the government will:
- decrease fuel duty tax on petrol and diesel by 5p per litre for the next year from 6pm today
- increase National Insurance thresholds to £12,570 from July — expected to result in average savings of £330 per year
- reduce the basic rate of income tax to 19% from 2024
- double the Household Support Fund to £1bn
- boost employment allowance to £5,000 from 6th April
- provide 50% business rates relief for SMEs in retail, hospitality and leisure from April
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Source: Bridging & Commercial — https://bridgingandcommercial.co.uk/spring-statement-2022-the-key-points