Spring Statement Key Facts
Thursday 24 March, 2022
24th March 2022 saw Chancellor Rishi Sunak set out measures within his Spring Statement to counter the souring cost of living. Here are the Key Facts:
- From 6pm on 23 March 2022 fuel duty will be cut by 5p per litre for 12 months.
- The basic rate of income tax will be cut to 19% in 2024 (in England, Wales and Northern Ireland) the first cut to the basic rate in 16 years.
- National Insurance and Income Tax thresholds increased to £12,570 from July 2022 with a typical employee saving over £330.
- The Household Support Fund has been doubled with an extra £500m to help vulnerable families get support with their food, energy and water bills.
- Making green technology, including solar panels will be exempt from business rates from April 2022.
- VAT is being cut to zero on energy saving devices, like solar panels.
- The Employment Allowance which allows eligible businesses to reduce their employer National Insurance contributions increased to £5000.