but after a change announced in the chancellor s spring statement, from july, that will increase to £12,570. that means over the next year, anyone earning less than around £34,000 a year will pay less national insurance than they did last year. as you can see on this graph people earning £20,000 a year will pay £178 less in 2022 23, whilst those on £50,000 will pay £197 more. we will try to take you through all of this. opposition parties, and some back bench mps, say the increase will add to the cost of living crisis and should be scrapped. our consumer affairs correspondent colletta smith reports.
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which is why notjust the opposition, but many conservative mps, too, have been pressing the chancellor to loosen the nation s purse strings. he said it was important that help was targeted where it is most needed and a cut in fuel duty was widely welcomed. today, i can announce for only the second time in 20 years, fuel duty will be cut, not by one, not even by two, but by 5p per litre. the much bigger demand was to ditch the planned rise in national insurance contributions, in effect a tax increase. the chancellor didn t do that but he did ensure fewer people would be hit. it would have started to affect those earning just under £10,000 per year, but by raising the starting point for paying national insurance, more lower paid workers will now be entirely exempt and many more will have a lower overall tax bill. from this july, people will be able to earn £12,570 a year without paying a single penny of income tax or national insurance.
years, fuel duty will be cut. not by one, not even by two, but by 5p per litre. with the cost of fuel for your tank and heating your home spiralling, vat will disappear on ways of making your home energy efficient and there s an extra £500 million for those who struggle most to pay the bills. yet these weren t drastic moves. the chancellor holding back because. we should be prepared for the economy and public finances to worsen, possibly significantly. interest on debt will tip £80 billion, more than the government spends day to day on schools, courts, prisons and borders put together. yet, although money is tight, rishi sunak vowed to undo some tax rises he s already put in place. from thisjuly, people will be able to earn £12,570 a year
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