The Chancellor has used his Spring Statement to ‘help people and businesses deal with rising costs’ and strengthen the UK economy in the face of global uncertainty following COVID‐19 and Russia’s invasion of Ukraine. Presenting the Government’s Tax Plan as the biggest net cut in taxes for over 25 years, the Chancellor announced a range of measures including:
- Cutting fuel duty by 5p per litre for the next 12 months
- Removing VAT on energy‐saving home upgrades until 2027
- Increasing the Employment Allowance to £5,000
- Bringing forward business rates exemptions for eligible plant and machinery to April 2022
- Increasing the National Insurance threshold by £3,000 to £12,570.