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BBCNEWS BBC News March 23, 2022 15:03:00

The threshold for paying national insurance will increase by £3,000. that means people must earn £12,570 per year before paying income tax or national insurance. the two now in alignment. and, in his final announcement, the chancellor pledged that before the end of this parliament in 2024, the basic rate of income tax will be cut from 20p to i9p in the pound. here s our political correspondent, iain watson. is this the chancellor looking at his growing energy bills? well, actually, he is pouring over his spring statement, a mini budget, and is under pressure to do more to tackle the cost of living. pawing. prices are rising at the fastest level in 30 years outstripping increases to wages and benefits. is outstripping increases to wages and benefits. . ., outstripping increases to wages and benefits. , ., ,. outstripping increases to wages and benefits. , ., ., benefits. is there more pain to come, chancellor? benefits. is there more pain to come, chancellor? and - benefits. is t ....

BBCNEWS BBC News March 23, 2022 15:05:00

Time in 20 years, fuel duty will be cut not time in 20 years, fuel duty will be cut not by time in 20 years, fuel duty will be cut. not by one. time in 20 years, fuel duty will be cut. not by one, not time in 20 years, fuel duty will be cut. not by one, not even- time in 20 years, fuel duty will be cut. not by one, not even by- time in 20 years, fuel duty will be cut. not by one, not even by two, but by cut. not by one, not even by two, but by 5p cut. not by one, not even by two, but by 5p per cut. not by one, not even by two, but by 5p per litre. cut. not by one, not even by two, but by 5p per litre. butt cut. not by one, not even by two, but by 5p per litre. but by 5p per litre. but the much bi aer but by 5p per litre. but the much bigger demand but by 5p per litre. but the much bigger demand was but by 5p per litre. but the much bigger demand was to but by 5p per litre. but the much bigger demand was to ditch i but by 5p per litre. but the much bigger demand was ....

6 Billion , 13 Million Billion , 13 Million ,

BBCNEWS BBC News March 23, 2022 16:05:00

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. that is a £6 billion personal tax cut for 30 million people across the united kingdom. however grim the immediate outlook, ....

6 Billion ,

BBCNEWS BBC News March 23, 2022 12:59:00

System. that is why conservative led governments raised the income tax personal allowance from six point 6000 £500 in 2010 to the new level of £12,570. but the equivalent threshold in national insurance, which define how much people can earn are still around £3000 less. the prime minister pledged in the 2019 election that we would increase those thresholds. we made a big step towards that goal in my first budget in 2020, increasing the national insurance threshold to £9,500. today, we take the next step. our current plan is to increase the threshold this year by £300. but i m not going to do that, mr speaker, i m going to increase it by the full ....

BBCNEWS BBC News March 23, 2022 16:03:00

Per year before paying income tax or national insurance. and, in his final announcement, the chancellor pledged that before the end of this parliament in 202a, the basic rate of income tax will be cut from 20p to 19p in the pound. but labour accused the government of making the wrong choices, and of failing to grasp the financial pain facing millions of families. the office for budget responsbility the uk public finances watchdog says households will see disposable income fall, by the largest amount in a single year since records began more than 60 years ago. here s our political correspondent, iain watson. is this the chancellor looking at his growing energy bills? well, actually, he is poring over his spring statement, a mini budget, and is under pressure to do more to tackle the cost of living. prices are rising at the fastest level in 30 years outstripping increases to wages and benefits. is there more pain ....