The Chancellor has delivered his Spring Statement. Through the cut in Fuel Duty and the biggest net cut to personal taxes in over a quarter of a century, the Chancellor has announced a strong plan to ease the cost of living.
The measures mean people across Tynedale and Ponteland have immediate help with the rising cost of living, businesses have better conditions to invest and grow, and people keep more of what they earn for years to come.
Please see the headline announcements made during the statement:
Fuel duty cut by 5p per litre
- from 6pm this evening lasting for a year
- Motoring group, the RAC, says cutting fuel duty by 5p will take £3.30 off the cost of filling a typical 55-litre family car.
- bringing it up to £12,570 to equalize with the income tax personal allowance (People with Income around £35k next year will be better off under this change)
- resisted calls to scrap the 12.5pc rise entirely to fund the Health and Social Care Levy (HSCL)
- first cut to the basic rate of income tax in 16 years - from 20% to 19% - by the end of Parliament in 2024.
- this policy will be widened to apply to homeowners having materials like solar panels, heat pumps or insulation installed.
- to help the most vulnerable will be doubled to £1bn from April
Raising the employment allowance to £5,000
- delivering a £1,000 tax cut for half a million small businesses
