CHANCELLOR Rishi Sunak slashed fuel duty and promised tax cuts but also left South West businesses underwhelmed by his Spring Statement mini-Budget.
The Chancellor cut fuel duty by five pence a litre, with immediate effect but for only a year, and raised the National Insurance threshold by £3,000 from July so people will be able to earn £12,570 before paying any Income Tax or National Insurance. He also promised to cut Income Tax from 20% to 19% by 2024 and moved to help small businesses by increasing Employment Allowance to £5,000.
But he ignored calls from businesses to abandon the 1.25% tax hike in National Insurance contributions from April 2022 and a planned rise in Corporation Tax.
Business organisations across the region said, while the measures are welcome, they will do little to aid companies reeling from soaring inflation and energy costs.
This story is from the March 24, 2022 edition of The Herald.
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This story is from the March 24, 2022 edition of The Herald.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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