Welcome to the 2022 Spring Statement Newsletter from Walsh & Co

Chancellor cuts fuel duty in Spring Statement

Chancellor Rishi Sunak announced a 5p per litre cut in fuel duty for petrol and diesel in the 2022 Spring Statement.

The government says it is the largest ever on all fuel duty rates, which will apply from 6pm on 23 March 2022.

The Chancellor also announced that the starting thresholds for national insurance contributions (NICs) will rise to £12,570 from July. However, the Health and Social Care Levy, which adds 1.25% to NICs, will still be implemented this April.

Mr Sunak also pledged that the basic rate of income tax will be cut by 1p in the pound before the end of this parliament in 2024. By then the Chancellor said that the Office for Budget Responsibility (OBR) expects inflation to be back under control, with debt falling sustainably.

A £1,000 increase to the Employment Allowance will benefit SMEs, while there will be no business rates due on a range of green technology used to decarbonise buildings.

In addition, the Chancellor announced 50% business rates relief for eligible retail, hospitality, and leisure properties from April 2022.

In his Spring Statement speech, the Chancellor said: 'This statement puts billions back into the pockets of people across the UK and delivers the biggest net cut to personal taxes in over a quarter of a century.

'Cutting taxes means people have immediate help with the rising cost of living, businesses have better conditions to invest and grow tomorrow, and people keep more of what they earn for years to come.'

For a detailed overview of the 2022 Spring Statement and what the measures mean for you and your business, visit our Spring Statement summary.

WHAT THEY SAID

'Cutting taxes means people have immediate help with the rising cost of living, businesses have better conditions to invest and grow tomorrow, and people keep more of what they earn for years to come.'
Chancellor Rishi Sunak

'The Chancellor talks about providing security for working families but his choices are making the cost-of-living crisis worse, not better.'
Rachel Reeves, Shadow Chancellor

'We originally put forward the Employment Allowance as a targeted measure to help small firms, and it has now been expanded three times since its creation. Together with a cut to fuel duty, these measures will provide crucial breathing space for our embattled small employers.'
Martin McTague, National Chair of the Federation of Small Businesses     

For the full Spring Statement documents visit:

https://www.gov.uk/government/publications/spring-statement-2022-documents

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2022 Spring Statement - the business reaction
Business groups have responded to Chancellor Rishi Sunak's Spring Statement speech.
Click here for the full story

2022 Spring Statement - the political reaction
Chancellor Rishi Sunak delivered the 2022 Spring Statement to the House of Commons, and stated that 'cutting taxes means people have immediate help with the rising cost of living'.
Click here for the full story

2022 Spring Statement - the economic picture
In his Spring Statement speech, Chancellor Rishi Sunak responded to the latest forecasts as published by the Office for Budget Responsibility (OBR).
Click here for the full story