Written By Integrity365
“Today’s statement builds a stronger economy for the United Kingdom” – Rishi Sunak.
Chancellor of the Exchequer delivered his Spring Statement today promising that the Government would support the British people. As part of this statement, measures have been announced that will take immediate effect to tackle three key issues, including:
- Fuel Prices: As of 6pm today (23rd March 2022), fuel duty will be cut by 5p a litre throughout the country until March next year.
- Rising Energy Prices: Over the next five years, homeowners with energy-saving materials installed (including solar panels or heat pumps, for example) will pay no VAT.
- Household Support Fund: The household support fund will double to £1bn with £500m of new funding. Local authorities to receive funding from April.
Whilst Rishi Sunak continued with his earlier pledge to raise the rate of National Insurance and dividends by 1.25% percentage points to help with social care reforms, he countered some of its impact by raising the threshold at which NI becomes payable. Also, in a surprise move, the chancellor announced that there will be 1% cut to the basic rate of income tax from April 2024.
Click the below image to read our Spring Statement guide for further details.
If you have any questions following these announcements, please do not hesitate to get in touch with an Integrity365 financial adviser who will be happy to discuss these updates in line with your own circumstances.
Written By Integrity365
