Spring Statement 2022: two years to the day after the commencement of the first UK lockdown in response to the surge of COVID-19 cases throughout the country, Chancellor Rishi Sunak delivered his Spring Statement to Parliament.

While the Government has essentially declared victory over the pandemic, the public finances still don’t appear all that positive – even when you keep in mind that 2020 marked the largest annual fall in GDP recorded in the UK in 300 years (9.9%).

For instance, on the morning of the Chancellor’s speech, the Office for National Statistics published its latest inflation estimate for February 2022 – 6.2% – caused by surging fuel and energy prices, exacerbated by the war in Ukraine.

Sunak kicked off his speech with a summary of an economic forecast from the OBR, which is required to publish such reports twice a year.

Sunak highlighted the ‘headline announcements’ as follows:

  • NICs threshold increase
  • Increasing the primary threshold and lower profits limit
  • Income tax to 19% from 2024
  • Fuel duty cut
  • VAT on energy-efficient home improvements
  • Employment allowance increase

To read the full report and how the Chancellor’s Spring Statement might impact you click this link.

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