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Chancellor Rishi Sunak delivers the Treasury’s Spring Statement to the House of Commons

The Chancellor, Rishi Sunak, has delivered the Treasury’s Spring Statement to the House of Commons.

The unfolding cost-of-living crisis has been front and centre in the run up to the Chancellor’s statement and announcements made by the Chancellor include:

  • VAT will be cut to 0% on energy saving materials (solar panels, heat pumps, insulation) for five years from April 2022 to support energy efficiency improvements to homes
  • The National Insurance threshold at which people start paying contributions will be increased by £3,000 from July 2022, equalising it with the Income Tax personal allowance. The Chancellor aims to reduce the basic rate of Income Tax from 20% to 19% by the end of the Parliament in 2024 and
  • Offering some support to low-income households by adding £500 million to the Household Support Fund administered by local authorities.