In spring statement, chancellor raises threshold at which workers pay national insurance by £3,000
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 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.
