Spring Statement Summary 2022

On Wednesday 23 March, Rishi Sunak delivered his Spring Statement to the House of Commons having been under pressure to help households and businesses combat the rising cost of living – with the rate of inflation thought to be at a 30-year high of 6.2%. 

Most notably he cut fuel duty by 5 pence per litre, increased the threshold for paying national insurance and promised to cut the basic rate of income tax to 19p in the pound, by 2024. 

So, what does this mean for your household or your business?