A strong Spring Statement announced by the Chancellor today with a clear commitment β 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 Β£3000 to Β£12,570 β the largest personal tax cut in a decade.
Cutting the basic rate of Income Tax by 1p from 2024 β saving taxpayers over Β£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 β a total of Β£1 billion in support for over 3 million families.
Scrapping VAT on energy saving measures for homes β a Β£250 million tax cut for homeowners.
Raising the Employment Allowance to Β£5000 β giving small businesses a Β£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