• The threshold for paying National Insurance will increase by £3,000 from July. “People will be able to earn £12,570 a year without paying a single penny of income tax or national insurance.”
  • The income tax basic rate will be cut from 20 per cent to 19 per cent by 2024.
  • Business tax cuts coming this Autumn
  • Retail, hospitality and leisure industry to get 50 per cent cut on business rates up to £110k.
  • Small businesses’ employment allowance increases to £5,000, worth up to £1,000 per business.
  • Tax plans will help families with the cost of living, create conditions for higher growth, and share proceeds for growth fairly, Sunak says
  • Levy to pay for NHS and social care spending

Energy costs

  • £9billion plan to help 28million households to pay around half of the April energy price cap
  • Motorists, fuel duty cut 5p per litre – in place until March next year from 6 pm tonight 
  • For the next five years, no more than 5 per cent VAT on energy efficiency products such as insulation and solar panels – However, Northern Ireland Protocol means this will not apply to the province.


  • OBR: UK GDP growth of 3.8 per cent this year – down from the forecast of 6 per cent – then will be 1.8 per cent, 2.1 per cent and 1.8 per cent in the following three years
  • Lower OBR: 7.4 per cent inflation average
  • Public finances will worsen significantly as the cost of financing debt grows.
  • Impact of Ukraine war: Sanctions of unprecedented scale and scope – these sanctions are working but ‘are not cost-free for us at home. It presents a risk to our recovery, growing faster than expected before the invasion. It is too early to know the full impact of the war on the UK economy.