Spring Statement LIVE: updates from the Commons
REFRESH POST FOR UPDATES
1.10pm: Income tax cut
Basic rate income tax will be cut from 20p to 19p in the pound by the end of the parliament.
1.06pm: Business investment
Mr Sunak says he wants to encourage training, investment and innovating and will reform the tax credits firms spend on research and development.
Taxes will be cut on business investment, with details to be set out at the Budget in the autumn.
Small firms will benefit from a increase of £5,000 in the Employment Allowance.
1.05pm: Fuel duty saving
The RAC says the fuel duty cut will wipe £3.30 off the cost of filling a typical 55-litre family car.
1pm: Income tax and National insurance thresholds raised
“From this July, people will be able to earn £12,570 a year without paying a single penny of income tax or National Insurance,” he says.
“That’s a £6bn personal tax cut for 30 million people across the United Kingdom. A tax cut for employees worth over £330 a year.
He describes this as “the largest increase in a basic rate threshold ever, and the largest single personal tax cut in a decade.”
He says the incoming social care levy to pay for NHS spending is necessary, as the funding is “needed now”.
12.53pm: Households installing solar panels or heat pumps will pay 0% VAT on energy saving materials.
12.51pm: Fuel duty is cut by 5p a litre from 6pm tonight for 12 months. It’s a tax cut this year for families and businesses worth over £5bn and is only the second cut in 20 years.
12.45pm: The strength of the economy means the UK is able to fund its army “to maintain our liberty” and impose sanctions against Russia, he says.
But he warns the actions taken against Russia are not “cost-free” and present a “risk to our recovery”.
12.44pm: Chancellor begins his statement.