Spring Statement 2022: The key points

In today’s Spring Statement (23rd March), chancellor of the exchequer Rishi Sunak outlined the government's economic plans.

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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