Chancellor Rishi Sunak told MPs in the House of Commons that ‘today’s declaration builds a stronger and more secure economy for the UK’. Mr. Sunak explained how the government will seek to help people who are suffering financial hardship due to the ever-worrisome cost of living crisis.
The spring statement gives Mr Sunak a second opportunity in the financial year to update Britons on the health of the UK economy and any changes the Treasury will implement.
During his speech, the Chancellor revealed changes for various taxes such as Fuel Tax and National Insurance.
He said: “Reducing taxes is not easy, it takes hard work and willpower. This government was prepared to make these difficult choices.
“Taxes are reduced, debt is also reduced, spending is increased. This does not happen by accident. We can deliver for the British people because we have a plan.”
Did you follow Mr. Sunak’s full statement? Has the Chancellor gone far enough? Have your say in the comments.
2) 0% VAT for green initiatives
Mr Sunak added that he will remove VAT on energy efficiency measures such as solar panels, heat pumps and installed insulation for five years.
He said: “We will also reverse the EU’s decision to take wind turbines and wind turbines out of scope – and zero-rate them too. And we will scrap all the red tape imposed by the EU. A family having a solar panel will see tax savings worth over £1000 and energy bill savings of over £300 a year.
The Chancellor said the policy would not immediately apply to Northern Ireland due to “loopholes” in the Northern Ireland protocol, but further support would be offered.
3) Household Support Fund
The household support fund will be doubled as part of Mr Sunak’s spring statement to £1bn with funding of £500m. Local authorities will receive this money from April.
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5) Job allowance
Mr Sunak has announced that the Employment Benefit for Businesses will be increased by £5,000 from next month.
6) Income tax
The basic rate of income tax will also be reduced from 20 to 19 pence in the pound before the end of the current legislature in 2024.
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This notice was published: 2022-03-24 07:15:00