| Wales Spring Statement 2022 |
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Chancellor Rishi Sunak has used his Spring Statement to outline how he will help the UK economy against rising inflation, soaring costs and significant global uncertainty. Measures included an immediate cut to fuel duty, plans to reform and reduce taxes and initiatives to boost investment, innovation, and growth.
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Spring Statement 2022 | The war in Ukraine has led to greater uncertainty over the UK's economic outlook, according to the Office for Budget Responsibility (OBR).
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A cut in income tax for the first time in 16 years has been pledged before the end of the current parliament in 2024.
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Fuel duty on petrol and diesel rates will be cut by 5p per litre for the next 12 months as prices continue to soar.
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UK Government borrowing has reduced over the past year but remains at near record levels, according to new figures from the Office for National Statistics (ONS).
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National Insurance thresholds will rise to £12,570 from July to align with the income tax personal allowance.
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Inflation has risen to a 30-year high with particular pressure coming from food, fuel, consumer goods and energy, the Office for National Statistics has said.
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Employment Allowance will increase to £5,000 from next month as part of plans to help small businesses across the UK save money.
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Leighton Reed, partner at Azets, looks at the recent Spring Statement.
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