Spring Statement 2022: Chancellor announces 1p income tax cut by 2024
Taxes on working families will be cut, Chancellor Rishi Sunak has said, closing his Spring Statement to cheers from Conservative benches.
He said the basic rate of tax would fall from 20p to 19p before end of this Parliament in 2024, and that it was "fully costed and fully paid for" in his tax plans given to the Commons on Wednesday.
Earlier in his statement he said the income threshold at which point people start paying National Insurance would rise to £12,570 in July, which Mr Sunak said was tax cut for employees worth over £330 a year