Chancellor announces tax cuts to ease cost of living pressures in Northern Ireland
The Chancellor delivered a Spring Statement today (23 March) that puts billions of pounds back into the pockets of hard-working people in
- Chancellor announces Spring Statement tax cut for 800,000 workers in
- Unveiling plans to give families further help with the cost of living,
- Spring Statement also sets out measures to help businesses boost investment, innovation, and growth – including a 1,000 pounds increase to Employment Allowance to benefit around half a million businesses across the
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The Chancellor delivered a Spring Statement today that puts billions of pounds back into the pockets of hard-working people in
The cut, worth over 6 billion pounds, will benefit 800,000 working people in
To let people keep more of what they earn, the basic rate of income tax will also be cut by 1p in the pound in 2024 when, as the OBR currently predict, inflation and debt will be lower. The cut is worth 5 billion pounds for workers, savers and pensioners and will be the first cut to the basic rate in 16 years.
The Chancellor also set out a series of measures to help businesses boost investment, innovation, and growth – including a 1,000 pounds increase to Employment Allowance to benefit around half a million businesses.
The
Chancellor
"More than 800,000 people in
"Cuts to fuel duty will benefit people and businesses, which together with the freeze means people save 100 pounds per car on average a year.
"We're helping thousands of small businesses by increasing the Employment Allowance, a tax cut worth up to 1,000 pounds a year, boosting innovation and growth."
Secretary of State for Northern Ireland
"Today's Spring Statement shows the
"People in
"The
To grow the world's very best talent in AI, the Government will partner with industry and academia to create 1,000 new AI PhDs across the
Delivering the statement, the Chancellor made clear that our sanctions against
However, announcing the further measures to help people deal with rising costs, he said the extra support could only be provided because of the
The immediate financial support for people and businesses comes as part of a wider tax plan announced by the Chancellor that will create better conditions for growth and will share proceeds from growth more fairly – ensuring people can keep more of what they earn.
This cost of living support comes on top of the measures that Chancellor has already announced over the recent months to support families. This includes an increase to the National Living Wage, worth 1,000 pounds for full time workers, and a cut to the Universal Credit taper, worth 1,000 pounds for 2 million families.
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Chancellor announces tax cuts to support families with cost of living
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