2022 Spring Budget Report

In Accountancy, News by Caroline

Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022.

Please click here to read our Barnett Ravenscroft 2022 Spring Budget Report.

Spring Budget 2022 Highlights:

In his Spring Statement, the Chancellor announced a cut in fuel duty for petrol and diesel as he sought to ease the
impact of rising prices for households and businesses.
The Chancellor will lift the starting thresholds for National Insurance contributions (NICs). He also pledged a cut to
income tax in 2024. However, the Health and Social Care Levy will still be implemented in April 2022.
For businesses, there is an increase to the Employment Allowance, as well as relief from business rates on a range of
green technologies and help with training and the adoption of digital technology.
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