Following the Autumn Budget 2021, where the fiscal drag of frozen tax bands was confirmed alongside the tax increases for 2022, a Spring Statement is to provide more updates later this month.
On March 23rd, the Chancellor Rishi Sunak will once again step forward to read out the economic and fiscal data forecasts by the Office for Budget Responsibility.
The on-going gas and electricity cost crisis, widespread cost of living issues due to fast rising inflation, the economic effects of the situation unfolding in Ukraine and likelihood of needing to sanction energy purchases from Russia, will all be hopefully commented upon.
The statement itself will be very unlikely to announce new taxes, but could confirm any changes to those previously announced in the full Budget.
Next month sees the ushering in of the 1.25 percent National Insurance increase and the first payslips reflecting the increase. Sunak is under pressure to scrap or delay the increase, as he is already having to help households meet the energy bill costs - but it is unlikely any changes here to be announced.
We will cover the announcements as usual on the day and update with any leaked information beforehand.