In spring statement, chancellor raises threshold at which workers pay national insurance by £3,000
- Spring statement: key points at a glance
- Spring statement: latest updates
Rishi Sunak has cut fuel duty by 5p a litre, raised the threshold at which workers start paying national insurance by £3,000 a year and announced a future 1p reduction in income tax in response to the fastest rise in the cost of living in three decades.
On a day when the annual inflation rate rose to 6.2%, the chancellor said the basic rate of income tax would be cut from 20p to 19p in 2024, while his £6bn national insurance initiative would offset the impact of across-the-board price increases.
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