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The Chancellor delivered his Spring Statement on March 23rd and, whilst Covid remains stubbornly amongst us, it is the war in Ukraine that is driving hearts and minds at present. The Chancellor was also keen to confirm that this is partially responsible for our financial position as well.

It is quite clear that both energy and fuel costs are being adversely affected by foreign affairs, and short‐term measures were introduced to help, with Fuel Duty being cut as well as VAT being removed on energy efficient measures such as solar panels and insulation. But, with debt interest at £83bn, the highest nominal spending level since records began, there had been an expectation that some simple measures similar to those announced would be offered to help the ‘cost of living’ crisis.

 

Click here to read more: Spring Statement Summary 2022

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