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Yesterday's Spring Statement 2022 saw Rishi Sunak announce an increase in the National Insurance threshold, a reduction in the basic rate of income tax to 19% (although not until April 2024), and a 5p cut to fuel duty, but he resisted calls to scrap the Health and Social Care Levy.
The Office of Budget Responsibility (OBR) said, due to the invasion of Ukraine, there is unusually high uncertainty in its outlook; however, it is now predicting higher global energy prices will help drive CPI inflation to a 40-year high of close to 9% in the fourth quarter of this year.
The Statement said very little about public spending, sticking with the plans announced in last year's Spending Review; however, it highlighted a renewed efficiency drive in Whitehall. Sunak also announced a plan to create 'a new culture of enterprise', with plans to review tax cutting options on business investment, changes to the apprenticeship system, and R&D tax credit reform.
TechMarketView subscribers, including those signed up to UKHotViewsPremium can read more about the Spring Statement 2022 here. If you are not yet a subscriber, please contact Deb Seth to find out how to access this and much more.
Posted by Dale Peters at '10:25' - Tagged: strategy government budget
