The expectation ahead of yesterday’s spring statement (since termed a “mini bidget”) was that it would be “business as usual” and “nothing new”. Rishi Sunak, whatever his many debatable faults, never fails to disappoint with a dramatic announcement.

In addition to the previous announcements (you can read up here) a full half dozen new measures were announced:

1) A 5p per litre cut to fuel duty, which should already be in force – because of the application of VAT on top of this, you should see a price fall of 6p per litre at the pumps.

2) VAT removed on household energy saving decices, zero-rating equipment such as solar panels and heat pumps.

3) A doubling of the household support fund (from £500m to £1bn) – funds to be with local councils from next month.

4) Probably the biggest one – an increase in the National Insurance threshold to raise it to the same level as the income tax threshold. This means that employee (Class 1) and self-employed (Class 2 and Class 4) National Insurance will not apply until earning £12,570 per annum. NB – for 2022/23, this rise for Class 1 and Class 4 NI will not come into force until 6 July (meaning an annualised figure of £11,908 will apply for these), but for Class 2, as an annually based tax, it applies from 6 April. It’s also worth noting that the planned 1.25% increases in the NI rates will still apply, just from a higher threshold, and the planned increases in dividend tax rates will also still apply.

5) An increase in the employment allowance for small businesses to £5,000.

6) A pledge to cut the basic rate of income tax to 19% by the 2024/25 tax year.