Rishi Sunak delivered his Spring Statement today.  We’ve sifted through the detail to bring you what you’re most likely to want to know about.

  • Fuel duty will be cut by 5p per litre until March 2023 – that means filling up a typical family car will cost around £3.30 less
  • Homeowners installing energy efficiency materials won’t pay VAT – eligible improvements include items such as solar panels, heat pumps, or insulation.
  • Most employees will be £330 a year better off – as the income threshold at which people start paying National Insurance will rise to £12,570 in July 2022.
  • Basic rate of income tax will be cut from 20p to 19p in the pound before the end of this Parliament in 2024.
  • Many smaller businesses will be £1,000 per year better off – as the Employment Allowance, which gives relief to smaller businesses’ National Insurance payments, will increase from £4,000 to £5,000 from April 2022.

Those are the headlines – if you’d like the full detail then check out the summaries on BBC News or The Guardian.

If this has got you thinking about moving, remortgaging, or your finances generally, we’d love to hear from you.   Get in touch and we’ll be help you understand what’s possible, or sign up to our monthly newsletter, to keep your finger on the pulse.

Sam Murphy – 23rd March 2022