What people across Esher and Walton constituency need to know about today’s Spring Budget:
- From April, employee National Insurance contributions will be drop from 10% to 8% - combined with the cut in the Autumn Statement, this is a tax cut of over £900 for the average worker earning £35,400. This gives the average earner the lowest effective personal tax rate since 1975.
- A new £5,000 “British ISA” tax allowance for individual savers to promote investment in UK assets and funds. It creates a tax-free investment opportunity for savers to invest specifically in UK assets.
- Fuel duty frozen again, with the 5p cut in fuel duty on petrol and diesel kept for another year and freezing rates for the fourteenth consecutive year. This represents a tax cut for drivers this year of around £3.1 billion, saving the average car driver around £50 a year.
- Increasing the VAT registration threshold for small businesses for the first time since 2017, raising it from £85,000 to £90,000.
- £6 billion new investment in the NHS: £2.45 billion next year to make progress on getting waiting lists down, boost every day services and improve maternity care; and £3.4 billion over three years to boost productivity with improve technology and more efficient ways of working.
You can find the Chancellor’s Spring Budget in full here.
