23 Mar 2022

Spring Statement: Sunak warns economy could get ‘significantly’ worse

Political Editor

Chancellor Rishi Sunak was keen to present his Spring statement as a series of tax cuts. But official figures forecast the biggest fall in living standards for 66 years.

The cuts he announced today undo just a quarter of the tax hikes that Mr Sunak himself has brought in over the last two years.

As expected, the chancellor will cut 5 pence off fuel duty for one year.

He’s also raising the point at which workers start paying National Insurance contributions.