Chancellor Rishi Sunak will deliver the 2022 Spring Statement today. We will be keeping you up to date on the latest developments.
With data published by the Office for National Statistics (ONS) revealing that inflation has hit a 30-year high, the Chancellor may offer more support to taxpayers in order to help with household budgets. Prices rose by 6.2% in the 12 months to February, the ONS found.
The war in Ukraine has caused steep rises in the cost of petrol and diesel. These have affected all road users, whether they are hauliers, business motorists, commuters or family drivers. It has been reported that the Chancellor is considering a temporary cut in fuel duty of as much as 5p per litre.
Meanwhile, the Federation of Small Businesses (FSB) has urged the Chancellor to use the Spring Statement to help small employers with rising overheads. The business group has recommended an increase in the Employment Allowance to £5,000 to help free up funds for investment and expansion.
Despite calls from business groups and trade bodies to delay the planned 1.25% rise in national insurance contributions (NICs), in recent months the Prime Minister and the Chancellor have jointly ruled this out.