The Spring Statement was delivered on 23rd March and although it is not a mini budget, it contained the following changes designed to help families, particularly in light of inflation having been announced at 6.2%. The highlights of this are as follows:

  • Petrol and Diesel duty will be cut temporarily for 12-months by 5p per litre from 23 March 2022.
  • VAT relief for the installation of energy saving materials (ESMs) will be extended.
  • The primary threshold for Class 1 National Insurance Contributions (NICs) will increase from £9,880 a year to £12,570 a year from 6 July 2022, which brings it in line with the frozen personal allowance.
  • For the self-employed, the lower profits limit will increase from £9,880 to £11,908 in 2022/23, rising to £12,570 in 2023/24. Class 2 NICs will not be payable if profits are below these limits. The maximum potential Class 4 NICs saving in 2022/23 is £208.
  • The employment allowance will be increased to £5,000 from April 2022.
SPRING 2022 STATEMENT OVERVIEW

Last Week in the Markets

 9 - 13 May 2022
Index Close Week’s Change 52 - Wk High 52 - Wk Low
FTSE
100
 7,418 +0.09% 7,687 6,788
Dow Jones
(US)

31,730

-3.61% 36,953 31,228
Nikkei
225

26,428

-2.15% 30,796 24,682
DAX  14,027 +3.74% 16,290 12,439

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