24 Mar 2022Chancellor Rishi Sunak delivered the 2022 Spring Statement yesterday, responding to the latest economic forecasts published by the Office for Budget Responsibility (OBR). The Chancellor used the Statement to announce a 5p per litre cut in fuel duty for petrol and diesel; a £1,000 increase in the Employment Allowance from April; a rise in the starting thresholds for national insurance contributions (NICs) to £12,570 from July; and a 50% business rates relief for eligible retail, hospitality, and leisure properties from April 2022. Mr Sunak also pledged that the basic rate of income tax will be cut by 1p in the pound before the end of this parliament in 2024. For a detailed overview of the latest information, read our 2022 Spring Statement summary.