Chancellors Spring Statement – 23rd March 2022

 On 23rd March the Chancellor, Rishi Sunak, set out a series of measures the government hope will help businesses boost investment, innovation, and growth – including a £1,000 increase to Employment Allowance which will benefit around half a million smaller firms. 

This Budget comes against a backdrop of war in Ukraine, with the Chancellor making  it clear that  sanctions against Russia will not be cost-free, and that Putin’s invasion presents a risk to the UK’s economic recovery – as it does to countries all around the world. 

The country is experiencing a cost of living crisis, with official figures showing prices rose by 6.2% in the 12 months to February – the fastest for 30 years – as fuel, energy and food costs surge. 

To lift growth and productivity among UK businesses, Mr Sunak set out plans to boost private sector investment and innovation and bring in a new culture of enterprise. 

 The main points from today’s Spring Statement affecting Worthing businesses are:

  • A cut in fuel duty by 5p per litre 
  • By 2024, the basic rate of income tax will be cut from 20p to 19p in the pound 
  • Employment Allowance for businesses will increase from £4,000 to £5000 from 6th April 
  • Retailers, hospitality & leisure businesses are among those to receive a 50% discount on their business rates bill 
  • A rise in the threshold for paying National Insurance (NI) by £3,000 
  • National living wage is rising to £9.50 an hour (as announced in the Autumn Budget) 
  • Bringing forward an exemption on business rates for green technology 

The Worthing Town Centre Initiative, and local authorities are working hard to keep shoppers and visitors coming into the Town Centre; but if you have any ideas please don’t hesitate in contacting us.