The Chancellor of the Exchequer presented his Spring Statement 2022 to Parliament today. Here are some of the key updates:
- Fuel duty will be cut for only the second time in 20 years, by 5p a litre for a full 12 months
- Increase the NIC threshold by £3,000 this year, up from a planned rise of £300. This equalises the national insurance contributions threshold with the personal income tax allowance of £12,570
- Basic rate of income tax would be cut from 20% to 19% in 2024
- Households with energy-saving materials installed will pay 0% VAT on them
- The Employment Allowance, which gives relief to smaller businesses’ National Insurance payments, will increase from £4,000 to £5,000 from April
- Increasing the National Living Wage (NLW) for workers aged 23 and over by 6.6% to £9.50 an hour from April 2022
You can find out more here:
