Chancellor Rishi Sunak delivered the 2022 Spring statement on Wednesday (23/03/2022).
Fuel duty has been cut by 5p per litre until March 2023. The reduction is said to take £3.30 off the cost of filling a typical 55-litre family car.
The income threshold at which people begin to pay National Insurance will rise by £3,000 in July, meaning the threshold will be in line with the current standard personal allowance at £12,570. Mr Sunak said that this is a tax cut for employees worth £330 a year.
Employment Allowance is set to increase by £1,000 in April bringing the figure up to £5,000. This gives more relief to smaller businesses who pay employer’s NI.
Read the full statement at gov.uk.
“These changes should hopefully provide some relief for low earning families and small businesses.”
Nigel Holland