Against the economic backdrop of high inflation and geopolitical uncertainties, the Chancellor of the Exchequer (UK Minister of Finance) Rishi Sunak delivered his Spring Statement yesterday with the emphasis on plans to reform and reduce taxes, focus on helping families with the cost of living and to putting billions of pounds back into the pocket of “hard-working people“. In the context of recent tax raising budgets, there were no immediate substantial tax cuts announced but there was a welcomed increase in the National Insurance threshold, as well as a pledge to cut the basic rate of Income tax from 20% to 19% as from 2024.
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