Delivering his spring statement, Chancellor Rishi Sunak announced an income tax cut two years early to help the Treasury resist pressure for an increase in public spending.
Learn more about this below!
All of this means that Brits will pay 1p less in income tax from April 2024, when Britain is due to hold its next national election. The basic rate is currently 20% and will drop then to 19%.
With inflation set to hit a 40-year high of nearly 9% later this year, government forecasters said the British face the biggest hit to their living standards since records began in the late 1950s, even after Rishi Sunak's measures.
In a half-yearly budget update overshadowed by the conflict in Ukraine, Rishi Sunak set out plans to inject about £17.6 billion into the economy in the coming financial year.
UK Energy Crisis
Sunak has also responded to the latest surge in energy prices. Fuel duty will be cut by 5 pence a litre for the next 12 months at a one-off cost of 2.4 billion pounds.
National Insurance Increase
Apart from this, Mr Sunak also announced a 1.25% increase in National Insurance but most people's contributions are actually increasing by more than 10%. If you want to know how much you will pay, read this article!
We encourage everyone to read our blogs and free tax refund calculators so you can learn more about how tax affects you!
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