3/23, 2:14 PM (Source: TeleTrader)
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UK national insurance threshold up by £3,000 - Sunak

British Chancellor of the Exchequer Rishi Sunak announced on Wednesday the United Kingdom's government will raise the threshold for national insurance by £3,000 to £12,570 from July this year.

Speaking to the House of Commons about the chancellor's spring budget statement, Sunak explained this means people will not have to pay either national insurance or income tax before earning £12,570 per year. He also confirmed the government's Household Support Fund for the poorest residents of the UK will be increased from £1 billion to £5 billion. In addition, Sunak decided to increase the employment allowance to £5,000 and cut the basic rate of income tax from 20 to 19 pences in the pound.

The decisions come as Sunak stated he expects inflation in Britain to average 7.4% in 2022. Earlier in the day, it was revealed inflation in the UK rose by 6.2% in February in comparison to the same month in 2021, reaching its highest level since 1992.

Baha Breaking News (BBN) / JR