Spring Statement 2022

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The Chancellor of the Exchequer’s Spring Statement was intended to be a low-key affair, with the main fiscal event of the year due to be held in the Autumn. Against the backdrop of the war in Ukraine and the effects it has had in exacerbating the cost-of-living crisis, however, there were demands on the Chancellor to take more action than he perhaps originally intended. While this was not quite a mini-budget, several significant measures were announced.

Some key points:

– A reduction in fuel duty from 6pm today;
-An increase in the National Insurance Contributions (NIC) thresholds for employees and self-employed individuals from this year;
– An increase in the Employment Allowance from this year;
– A reduction in the basic rate of income tax from 2024;
– Changes to capital allowances and research and development (R&D) tax relief on the horizon.