Chancellor Rishi Sunak’s ‘mini budget’ Spring Statement promises to ‘help families’ by slashing fuel tax and cutting VAT on energy saving measures as the cost of living crisis continues
FUEL duty is set to be cut this evening as part of the government’s ‘mini-budget’ Spring Statement announced as the cost of living skyrockets.
Today in the House of Commons, chancellor Rishi Sunak said that plans will ‘help families with the cost of living’ and ‘bring a stronger economy’.
He set out ‘three immediate measures’, including slashing fuel duty by 5p per litre.
This will take effect at 6pm tonight and will continue until March next year.
He also promises to cut VAT on energy efficiency measures such as solar panels to zero, which could cut the cost of having a solar panel installed by £1,000.
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The chancellor also said he ‘wants to do more to help our most vulnerable households’ by putting £500m into the household support fund.
Mr Sunak added that 70 per cent of workers are set for an effective tax cut as part of a plan to lift the National Insurance threshold by £3,000.
This £6bn tax cut is said to impact 13 million people, amounting to a tax cut for people of £330 a year.
The chancellor insisted that businesses, too, stand to benefit from the business rates discount next month, and a new tax cut for small businesses.
Rachel Reeves, Labour’s shadow chancellor, said that Mr Sunak has missed an opportunity to put a windfall tax on energy companies, or to cut his national insurance increase.
Labour MPs have urged Mr Sunak to axe the planned £12bn national insurance hike as the ‘worst-timed tax rise in history’.