The £3,000 increase to the National Insurance threshold has been welcomed by many professionals but there is also disappointment that a planned 1.25 % rise in NI has not been scrapped.

Chancellor Rishi Sunak has also announced a cut to fuel duty, increases to the household support fund, and nil-rate Vat for energy-saving materials to address the cost of living crisis in the UK.

Chancellor Rishi Sunak has promised to cut the basic rate of income tax to 19p in the pound from the current rate of 20p.

The advice sector has made a number of predictions about what could be included in today’s Spring Statement.