Money saving expert Martin Lewis has reacted to the UK Government's new plans on how it intends to help struggling families. During the Spring Budget statement on Wednesday, Chancellor Rishi Sunak vowed to stand by British families as the cost of living crisis deepens.
Amongst the announcements, Mr Sunak announced that National Insurance starting thresholds will rise to £12,570 from July, meaning people across the UK will keep more of what they earn before they start paying personal taxes. The cut, worth over £6 billion, will benefit almost 30 million working people with a typical employee saving over £330 in the year from July.
Mr Sunak also announced that fuel duty for petrol and diesel will be cut by 5p per litre from 6pm on Wednesday, March 23 to help drivers across the UK with rising costs – a tax cut worth £2.4 billion. To let people keep more of what they earn, the basic rate of income tax will also be cut by 1p in the pound in 2024, when the OBR expect inflation to be back under control, debt falling sustainably and the economy growing. You can find the key points about everything announced today here.
