The Spring Statement: cutting taxes for families and businesses across Bosworth 

Dr Luke Evans, MP for Bosworth, welcomes the Chancellor of the Exchequer’s Spring Statement as it reduces taxes and eases the cost of living crisis for families and businesses in Bosworth.  

The situation in Ukraine reminds us that the United Kingdom’s security and ability to be a force for good in the world is in large part because of the strength of the economy. But, the steps we are taking to sanction Russia are not cost free for people at home: the biggest impact will be for working families. 

The International Monetary Fund (IMF) said the UK had the fastest growing economy in the G7 last year. Yesterday’s announcement from the Chancellor, Rishi Sunak, seeks to remain responsible on public spending and public finances to protect and build upon this growth whilst helping families with the cost of living increase.  

What the Spring Statement means for people and businesses in Bosworth: 

• Cutting fuel duty by 5p for twelve months, delivering a £5 billion tax cut for drivers. This is the largest ever cut across fuel duty and will save car drivers £100, van drivers £200 and HGV drivers £1,500 this year.  
• Increasing the personal threshold for National Insurance from £9,500 to £12,570 – the largest increase in a starting personal tax threshold in British history. This is equivalent to a £6 billion tax cut for nearly 30 million workers and worth over £330 a year starting in July, across the entire United Kingdom. This is the largest single personal tax cut in a decade. 
• Continuing to support businesses by raising the employment allowance to £5,000. This delivers a £1,000 tax cut for half a million small businesses from April.  
• Doubling the existing Household Support Fund to £1 billion, helping the most vulnerable families with the cost of living. Distributed through local authorities in England, who have discretion over exactly how the funding is used, this fund is expected to benefit 3 to 4 million vulnerable households. 
• Helping people keep more of what they earn by cutting the basic rate of income tax to 19 pence in 2024, delivering a tax cut worth £5 billion for over 30 million workers, pensioners and savers – only the second income tax cut in two decades and the first income tax cut for 16 years. 

Dr Luke Evans said “I am pleased to see the Chancellor being responsible with the country’s finances, while understanding the difficulties people are facing. The now £1 billion pound fund to help those most disadvantaged is very much welcome and will help those struggling with living costs the most. 

Publishing a new Tax Plan to reduce and reform taxes – including cutting fuel duty, cutting the basic rate of Income Tax and cutting National Insurance for 30 million working people – meaning people can keep more of what they earn, this is a really good thing. 

“This Tax Plan helps to simplifying our system in the long-term whilst we deliver immediate relief for cost-of-living pressures and I am pleased the Chancellor has listened to what I have been raising on behalf of our community, and delivered a package that will really help.” 

Chancellor of the Exchequer, Rishi Sunak said “It is only because this Conservative Government is taking the tough but responsible decisions that we can announce taxes are being cut and debt is falling. 

“Today’s new Tax Plan will help families with the cost of living, create the conditions for private sector-led growth, and share the proceeds of growth fairly.” 

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