IOM3 responds to Government Spring Statement
Chancellor Rishi Sunak has today (23 March 2022) outlined the Government’s Spring Statement for 2022 following the attack Russia launched on Ukraine and uncertainty surrounding the global economy, particularly the energy sector.
The Chancellor said that global supply chain issues following the pandemic, as well as Russia’s invasion of Ukraine, are driving up the cost of living for families across the UK. Addressing measures to help people deal with rising costs, he said ‘Extra support could only be provided because of the UK’s strong economy and the tough but responsible decisions taken to rebuild our fiscal resilience.’
Of interest to IOM3 members from the Spring Statement include the following:
- For the next five years, homeowners will pay 0% VAT on energy-related improvements such as solar panels, heat pumps or insulation
- Fuel duty will be cut by 5p per litre for both petrol and diesel until March 2023
To read the full statement, visit bit.ly/3uiSUL7
