Spring Statment 2022
The chancellor said forecasts from the Office for Budget Responsibility showed the economy would grow by 3.8% this year.
The threshold for national insurance is to rise by £3,000 this year equalising the national insurance contributions threshold with the personal income tax allowance of £12,570. This change will take effect in July. However the planned 1.25% rise in NI will remain.
The basic rate of income tax will be cut from 20% to 19% in 2024.
The employment allowance for small businesses is set to increase to £5,000 – a tax cut worth up to £1,000 for half a million small firms starting in two weeks’ time.
Fuel duty will be cut by 5p a litre for a full 12 months. Taking effect from 6pm on Wednesday.