Summary
With the UK facing a growing cost of living crisis, compounded by the Ukraine invasion, and inflation soaring at its fastest rate in 30 years, the Chancellor delivered his Spring Statement to Parliament. Key announcements include increased funding for the Household Support Fund, a temporary 5p cut to fuel duty, a £3,000 National Insurance threshold increase, VAT relief for energy efficiency measures, and a 1p income tax basic rate cut from 2024.
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