Measures set out in Sunak’s mini statement include doubling investment the household support payment for vulnerable families to £1bn, a £3,000 increase to the amount people can earn before paying income tax or National Insurance and a 5p cut to fuel duty.
Small businesses will benefit from a £5,000 increase on the Employment Allowance from next month, while Sunak has pledged to cut the basic tax rate, for the first time in 16 years, from 20 per cent to 19 per by 2024.
Plans to review the way the apprenticeship levy works and proposals to encourage businesses to take on more apprentices were also promised during Sunak’s speech in a bid to “get more young people into work”.
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