People in Mid-Cornwall will benefit from a number of measures announced in the Chancellor Rishi Sunak’s Spring Statement today.
Measures the Chancellor has announced include:
- A 5p cut to fuel duty to come into force at 6pm tonight
- The government's household support fund - money for councils to support vulnerable households - will be doubled to £1billion from April.
- The Government will raise the threshold people earn before they pay National Insurance. From this July, people will be able to earn £12,570 a year without paying a single penny of income tax or National Insurance, a £6billion personal tax cut for 30 million people across the United Kingdom and a tax cut for employees worth over £330 a year. The largest increase in a basic rate threshold ever, and the largest single personal tax cut in a decade.
- The Employment Allowance will increase to £5,000, a tax cut worth up to £1,000 for half a million small businesses.
- The Chancellor also announced that in 2024, for the first time in sixteen years, the basic rate of income tax will be cut from 20% to 19%, a £5billion tax cut for over 30 million people.
Commenting St Austell and Newquay’s Member of Parliament Steve Double said:
“Even as we come out of the pandemic, its after-effects will continue to be felt for many years, and along with the continuing war in Ukraine, these are very difficult times for us all.”
“That is why I am pleased to see our Chancellor again act quickly and proportionately to help combat the rise of the cost of living. These measures help workers and employers through this difficult time, while the increase of the household support fund will ensure that councils have funding to ensure the most vulnerable do not get left behind.”