The Chancellor of the Exchequer, Rishi Sunak MP, has today announced his latest budget.
National Insurance
Highlights from the budget include a rise in the national insurance threshold, meaning people can earn up to £12,570 before needing to pay national insurance or tax. This comes into effect from July 2022.
Fuel duty
The next big headline is fuel duty being cut by 5p per litre.
This takes effect from 6pm tonight (23rd Mar).
Energy-saving measures
For those splashing out on home energy-saving measures such as solar panels, insulation and heat pumps, the VAT is being scrapped.
Business rates
Welcome news for Island businesses in the retail, hospitality and leisure sectors as they’ll see a 50 per cent discount in business rates up to £110,000.
Household Support
For those who rely on support via the Isle of Wight council (IWC), the Chancellor said he would be doubling The Household Support Fund, meaning there’ll be more money for the IWC to use to support those most in need.
Basic income tax rate
There are also plans to reduce basic rate of income tax from 20 per cent to 19 per cent by the end of Parliament in 2024 – just before the next General Election.
You can learn more about the Spring Budget via the BBC Website.
Read the Chancellor’s Spring Statement in full.
Image: Wassim Chouak under CC BY 2.0
