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  • Chancellor's Spring Statement

    Created: 01/04/2022

    This week the Chancellor delivered a Spring Statement that included further measures to help people with the cost of living.  

    • From April 2022 there will be an extra £500 million for the Household Support Fund, which doubles its total amount to £1 billion to support the most vulnerable families with the cost of essentials such as food, clothing and utilities. 
    • To ease cost of living pressures for almost 30 million employees, National Insurance thresholds will rise to £12,570 to align with the income tax personal allowance from July 2022. This simplification means that, from July, 70% of workers who pay National Insurance Contributions (NICs) will pay less of it. Of those who benefit from the threshold increase, 2.2 million people will be taken out of paying NICs altogether. 
    • Fuel duty for petrol and diesel was cut by 5p per litre from 23 March to help drivers across the UK with rising costs – a tax cut worth £2.4 billion. This means a one-car family will now save on average £100. 
    • To ensure more people can keep more of what they earn for years to come, the Chancellor also announced plans to cut the basic rate of income tax from 20p to 19p from 2024. The historic £5 billion tax cut for workers, pensioners and savers will be worth £175 on average for 30 million people and will be the first cut to the basic rate in 16 years. 

    More information can be found on the Government support for the cost of living: factsheet.




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