Chancellor Rishi Sunak delivered his Spring Statement earlier today, which included the following measures to ease the rising cost of living and support business growth:
- Fuel duty will be reduced by 5p a litre for the next 12 months
- A new zero VAT rate will be introduced for households installing solar panels, heat pumps or insulation
- The national insurance threshold will rise by £3,000 to £12,570
- The employment allowance for small businesses will be increased to £5,000
- The basic rate of income tax will be cut from 20% to 19% in 2024
Read the full details here:
https://www.gov.uk/government/publications/spring-statement-2022-docume…