Chancellor’s Spring Statement

On Wednesday (23 March 2022), the Chancellor, Rt Hon Rishi Sunak MP, presented the Spring Statement to Parliament.

In the statement, he announced:

• The opening of the second round of the £4.8 billion Levelling Up Fund, which will continue to focus on regeneration, transport and cultural investments
• An extra £500 million for the Household Support Fund to support the most vulnerable families
• National Insurance starting thresholds will rise to £12,570 from July
• Fuel duty for petrol and diesel has been cut by 5p per litre to help drivers with rising costs
• Basic rate of Income Tax will also be cut by 1p in the pound in 2024
• A series of measures to help businesses boost investment, innovation, and growth – including a £1,000 increase to Employment Allowance
• Two new business rates reliefs will be brought forward by a year to come into effect in April 2022

You can read the statement and announcement online.