Chancellor announces tax cuts to support families with cost of living
The Chancellor delivered a Spring Statement today that puts billions of pounds back into the pockets of hard-working people – unveiling a new Tax Plan to ease the rising cost of living and to deliver the biggest cut to personal taxes in a quarter of a century.
- Chancellor announces tax cut for nearly 30 million
- Unveiling a Tax Plan to give families further help with the cost of living,
- Spring Statement also sets out measures to boost investment, innovation, and growth – including a 1,000 pounds increase to Employment Allowance to benefit around half a million SMEs.
The cut, worth over 6 billion pounds, will benefit almost 30 million working people with a typical employee saving over 330 pounds in the year from July. This means the
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 the OBR expect inflation to be back under control, debt falling sustainably and the economy growing. 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 smaller firms.
Delivering the Spring Statement, Chancellor
"This statement puts billions back into the pockets of people across the
"Like our actions against
"Cutting taxes means people have immediate help with the rising cost of living, businesses have better conditions to invest and grow tomorrow, and people keep more of what they earn for years to come."
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 help for people with the cost of living and support for businesses comes as part of a wider Tax Plan announced by the Chancellor that will also create better conditions for growth and will share proceeds from growth more fairly – ensuring people can keep more of what they earn.
Help with the cost of living
The Chancellor said that global supply chain issues following the pandemic, as well as
To combat this, he announced that from
To ease cost of living pressures for almost 30 million employees, the Chancellor announced that from
To ensure more people can keep more of what they earn for years to come, the Chancellor also announced plans to cut the basic rate of income tax from 20p to 19p from 2024. The historic 5 billion pounds tax cut for workers, pensioners and savers will be worth 175 pounds on average for 30 million people and will be the first cut to the basic rate in 16 years. This will be delivered in a responsible and affordable way, while continuing to meet our fiscal rules.
Boosting Investment, Innovation and Growth
To lift growth and productivity among
He increased the Employment Allowance – a relief which allows smaller businesses to reduce their employers
The Chancellor also announced two new business rates reliefs will be brought forward by a year to come into effect in
Ahead of the end of the super-deduction, the government will work with businesses and other stakeholders to consider cuts and reforms to best support future investment. And with
The Chancellor committed to improving R&D reliefs too.
The support for SMEs comes on top of 50% business rates relief for eligible retail, hospitality, and leisure properties, also coming in this April and worth 1.7 billion pounds for small businesses. The Help to Grow Management and Digital schemes, worth thousands of pounds per business, and the 1 million pounds Annual Investment Allowance are also available to continue supporting
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