Wednesday, March 23, 2022

Spring Statement: British Chancellor unveils mini-budget

Chancellor Rishi Sunak announced he is slashing fuel duty by 5p a litre and lifting the threshold for National Insurance contributions by £3000, among other measures to help British households weather the cost of living crisis.


Sunak also unveiled the first cut to the basic rate of income tax in 16 years - by the end of Parliament in 2024.


He's also cutting VAT on green home improvements to zero.


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OUT Cut income tax

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Shadow Chancellor Rachel Reeves said she was disappointed in the mini-budget plans, after Labour calls for a windfall tax on oil and gas companies went unheeded.

Reeves also criticised the Chancellor for not scrapping a planned hike in National Insurance contributions.


IN On the basis
OUT As a result
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