Created: Tuesday, 22 March 2022 13:54
What to expect from the 2022 Spring budget tomorrow?
It has been widely reported that the Chancellor could be looking at several measures to assist with the cost of living.
The Chancellor has hinted that one of the economic levers he could be about to pull is a cut in fuel duty by up to 5p-a-litre, with The Independent reporting he believes prices at the pump should not be “prohibitively expensive”.
The government could also look to make changes to the energy bills rebate, either delaying when the loan repayment starts or seeking to make the policy more generous.
There could also be a U-turn on the 1.25% national insurance increase, there was widespread outrage after the Government announced a 1.25 percentage point hike to national insurance, due to take effect in April, with many concerned about how this will affect their income.
The increase will cost the average worker £250 a year at a time when prices are soaring, with the squeeze on income expected to worsen in the coming months.
The budget is expected at noon tomorrow (23rd March)