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<p>The Chancellor’s Spring Statement on 23 March 2022 announced a number of measures
to support households and businesses in every region and nation of the UK and to relieve
the immediate pressure on our cost of living. It sets out that taxes are being cut,
debt is falling and public spending is increasing.</p><p> </p><p>For example, raising
the National Insurance thresholds is a tax cut for 800,000 workers in Northern Ireland,
saving the typical employee over £330 a year, and the 1ppt cut to the basic rate of
income tax from 2024 will benefit 870,000 taxpayers in Northern Ireland.</p><p> </p><p>Further
support for UK households and businesses included the £1,000 increase to the Employment
Allowance, which will benefit around half a million businesses across the UK, as well
as the cuts to fuel duty on petrol and diesel, by 5p per litre, for the next 12 months.</p><p>
</p><p>In addition to this UK-wide action, the Chancellor also announced that the
UK government is providing the Northern Ireland Executive with an additional £47 million
through the Barnett formula in 2022/23 as a result of measures announced in the Spring
Statement.</p>
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