Smoke and mirrors spring statement

Picture of a tree covered in snow for my post about the Spring Statement

Poorest people frozen out by the Spring Statement

I listened to yesterday’s Spring Statement, aka a mini Budget, so you don’t have to. 

I hope it’s done a lot for Rishi Sunak’s career, because it sure as hell didn’t do much for low earners and the most vulnerable, faced with monstrous energy bills, the highest inflation for 30 years, up to 6.2% a year and rising, and the biggest fall in living standards since the 1950s. I described rising living costs as a horror story at the start of February – and that was before the impact of the war in Ukraine.

Instead there was a lot of smoke and mirrors, giving with one hand and taking away with the other, a triumph of magician’s misdirection. 

So here’s what the Chancellor produced from his top hat:

Cut in fuel duty

Prices at the pump have gone crazy, so Rishi has cut fuel duty by 5p a litre.

Whoop de doo.

With fuel prices at the highest levels ever seen, up to 167.3p a litre for petrol and 179.72p a litre for diesel according to the RAC, that might take prices down to ooooh what they were last week. Should save £2 to £3 on filling up a family car, which sounds like a drop in the ocean to me – plus it only benefits people able to afford cars.

Cutting the cost of energy efficiency materials

The Chancellor has removed 5% VAT from energy efficiency materials that weren’t already VAT free, crediting Brexit for the chance to do so.

Again, whoop de doo.

Yes, it is eminently sensible and very green to improve energy efficiency at home, whacking in extra insulation, installing heat pumps and so on. Yes, it should help cut energy bills – but only if you can afford to make those changes. 

I’m not sure where those forced to choose between starving and freezing are going to find the money to install solar panels, even with the removal of 5% VAT. 

Bumping up the Household Support Fund

Rishi reckons local councils are best placed to support the most vulnerable households, so he has doubled the Household Support Fund announced last October, up by £500 million to £1 billion.

This is meant to provide small grants towards essentials such as food, clothing and utilities. 

I’m glad that more money is being made available, but do wonder how people can get their hands on it. It sounds good, but no one can plan based on a grant that may or may not be given, for an unknown amount, unlike a predictable increase in benefits. 

Increasing the National Insurance threshold.

This was the really big rabbit that Rishi whipped out of the hat.

He insisted on ploughing ahead with the 1.25 percentage point increase to National Insurance contributions (NICs) from April 6, earmarked to fund health and social care. 

Instead, he has pushed up the point when people start paying National Insurance by “the full £3,000”, to £12,570 from July, matching the same point when people start paying basic-rate income tax.

The quotes are because the National Insurance threshold was already due to go up from £9,568 to £9,880 from April, so the increase is a less generous £2,690 more than expected.

I think raising the threshold is a good plan. It will benefit lower earners, able to hang onto more of their salary or profits, while those who rake in more will pay more. I’m also all in favour of anything that simplifies the tax system. Starting income tax and National Insurance at the same point will make life easier. 

The crucial income level is £34,372 a year according to number crunching by Deloitte.

If you earn less than this, then after all the smoke and mirrors of increasing NICs but pushing up the threshold, you’ll actually pay less NICs in 2022/23 than you did this year.

Higher earners will also benefit because their extra NICs bill won’t be quite so high – an employee on £60,000 for example, will pay an extra £442 in NICs rather than the £711 expected increase.

Plus, people who won’t pay NICs after the threshold rises to £12,570 don’t need to worry that they will now miss out on certain benefits, such as qualifying years for the State Pension.

Currently, if you earn more than the ‘lower earnings limit’, you still qualify – and that limit is only increasing from £6,240 to £6,396 a year.

Dangling the carrot of lower income tax

Rishi is so keen to be seen as a tax-cutting chancellor, that he promised to cut basic rate of income tax from 20% to 19% – but only in 2024. 

Yet more smoke and mirrors. Increase National Insurance by 1.25 percentage points in April, then decrease basic rate tax by one percentage point in a couple of years’ time. 

Trouble is, cutting income tax in 2022 does zip all for anyone faced with magicking hundreds of pounds out of thin air to pay energy bills now, and higher energy bills from next week, and even higher energy bills from October. 

Who misses out in the Spring Statement

Fuel duty and energy efficiency measures – a small saving for people who can afford them.

Increasing the National Insurance threshold – good for employees, the self-employed and employers.

But what about people who don’t or can’t work, and those who don’t earn enough to pay National Insurance or income tax anyway? 

The disabled, carers, pensioners, anyone on a fixed income terrified about rising bills?

People on Universal Credit who have already been stripped of £1,000 a year, after Rishi removed the £20 a week added during Covid?

Rishi did nothing about cutting VAT on energy bills, or increasing pensions and benefits. Pensions and benefits are only going up by 3.1%, based on inflation last October, not current higher rates. This means millions of the poorest people stand to lose another £500, eaten away by rising inflation. 

The Chancellor might point to the doubling of the Household Support fund doled out by councils. 

But here’s the thing. With the rise in the energy price cap from April, more than a quarter of homes in England will be plunged into fuel poverty, paying more than 10% of their income on energy bills. That’s more than 15 million people.

The extra £500 million split 15 million ways works out only around £33 a head, when the average fuel bill on the price cap is shooting up by almost £700. Even with the £150 council tax rebate for bands A to D, and the £200 loan promised in October, it’s still not going to touch the sides. £33 won’t even cover the increase in energy bills for a single month.

Rishi played politics by dumping the blame for rising costs on Ukraine, braying about Brexit benefits when cutting VAT, and trumpeting future income tax charges just before an expected election. That does nothing to help the most vulnerable in our society.

Now – over to you. Any thoughts on the Spring Statement? How will it affect you? Do share in the comments, I’d love to hear.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

25 Comments

  1. 24th March 2022 / 2:20 pm

    I think that the prices of energy and fuel will keep going up due to the war and the sanctions imposed on Russia. Pensioners, disabled people and people working for the minimum pay per hour will get poorer that’s for sure.

    • 19th July 2023 / 10:47 am

      Investing on the cryptocurrency market has been a main source of income, that’s why knowledge plays a very important role in humanity, you don’t need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. It’s possible to earn $10,000 to $20,000 trading weekly-monthly in cryptocurrency(bitcoin) investment,just get in contact with Mr Bernie Doran my broker. I had almost given up on everything about binary trading and never getting my lost funds back, till i met with him, with his help and guidance now i have my lost funds back to my bank account, gained more profit and I can now trade successfully with his profitable strategies and software!!
      Reach out to him on Gmail (BERNIEDORANSIGNALS@GMAIL.COM) , Telegram: @bernie_fx https://t.me/bernie_fx or his WhatsApp : +1(424)285-0682 for inquiries

      • SHARLET CLINTON
        7th August 2023 / 1:28 am

        THE ONLY LEGITIMATE CRYPTO RECOVERY EXPERT….!!!

        Good day Audience, I want to use this great medium to announce this information to the public about Mr MORRIS GRAY. few months back, I was seeking an online BTC investment plan when I got scammed for about $172,000. I was so down and didn’t know what to do until I came across a timeline about Mr MORRIS GRAY. so I reached out to him and to my greatest surprise, they were able to recover all the funds which I had previously lost to the Devils. I am so glad to share this wonderful news with you all because it cost me nothing to announce a good and reliable Hacker as Mr MORRIS GRAY, His direct email is Morris Gray 830 at gmail dot com, WhatsApp: +1 (607) 698-0239…..!!

    • 19th July 2023 / 10:50 am

      Investment is one of the best ways to achieve financial freedom. For a beginner there are so many challenges you face. It’s hard to know how to get started. Trading the Crypto market has really been a life changer for me. I almost gave up on crypto currency at some point not until I got a proficient trader Bernie Doran, he gave me all the information required to succeed in trading. I made more profit than I could ever imagine. I’m not here to converse much but to share my testimony, I invested $5000.00 and got back $50,500.00 within 5 days of investment. His strategies and signals are the best and I have gained more knowledge.
      If you are new to cryptocurrency. You can reach to him through Gmail : BERNIEDORANSIGNALS@GMAIL.COM or Telegram : @bernie_fx or his WhatsApp : +1424(285)-0682

  2. 24th March 2022 / 6:57 pm

    Quite right.
    Benefits willl go up next April to reflect all the curent price increases, but next April is too late! Sunak could easily have said that all benefits will go up 8% in April and that the increase next year will be lower as a result of getting this inflation matching rise earlier. It would not have cost the treasury a fortune.

  3. Tif
    23rd November 2022 / 1:49 pm

    I suppose that’s not all that unexpected. Renewable energy sources are essential to our future, and everyone will be vying for supremacy in this industry. You only need to visit on the site to know that anyone can already buy and install solar panels. What will take place next.

  4. 25th January 2023 / 8:20 am

    Investing online has been a main source of income, that’s why knowledge plays a very important role in humanity, you don’t need to over work yourself for money.All you need is the right information, and you could build your own wealth from the comfort of your home!Binary trading is dependent on timely signals, assets or controlled strategies which when mastered increases chance of winning up to 90%-100% with trading. It’s possible to earn $10,000 to $20,000 trading weekly-monthly in cryptocurrency(bitcoin) investment,just get in contact with Mr Bernie Doran my broker. I had almost given up on everything and even getting my lost funds back, till i met with him, with his help and guidance now i have my lost funds back to my bank account, gained more profit and I can now trade successfully with his profitable strategies and software!! Reach out to him through Gmail : Bernie.doranfx01@gmail.com ,Telegram: bernie_fx or WhatsApp +1(424)285-0682 for inquires

  5. SHARLET CLINTON
    7th August 2023 / 1:28 am

    THE ONLY LEGITIMATE CRYPTO RECOVERY EXPERT….!!!

    Good day Audience, I want to use this great medium to announce this information to the public about Mr MORRIS GRAY. few months back, I was seeking an online BTC investment plan when I got scammed for about $172,000. I was so down and didn’t know what to do until I came across a timeline about Mr MORRIS GRAY. so I reached out to him and to my greatest surprise, they were able to recover all the funds which I had previously lost to the Devils. I am so glad to share this wonderful news with you all because it cost me nothing to announce a good and reliable Hacker as Mr MORRIS GRAY, His direct email is Morris Gray 830 at gmail dot com, WhatsApp: +1 (607) 698-0239…..!!

  6. Spencer Kirra
    14th September 2023 / 7:47 am

    Highly Recommended! Very insightful, I will also say this here. Investment is one of the best ways to achieve financial freedom. I made more profit than I could ever imagine. I’m not here to converse much but to share my testimony, I have made total returns of 2 BTC from a deposit of just 0.2 BTC in 45 minutes, With DWOH special advance mining program, I only make a deposit of 0.2 BTC and in 45 minutes I received 2 BTC on my Binance wallet and i was so surprise and immediately i sold some of the bitcoin and the money was deposited into my bank account after selling the bitcoin. All thanks to DWOH for there special advance mining program, if you want to earn bitcoin in less than 1 hour contact them today 

    https://darkwebonlinehackers.com/crypto-mining-hack-tools/

    Email:>>>darkwebonlinehackers@gmail.com

    Whats app: + 1 (803) 392-1735

  7. Monicah Mchurley
    22nd September 2023 / 12:50 pm

    My husband and I lost $313,000 Btc to a fake cryptocurrency investment platform A few months Ago, We had made an investment with an online broker who pretended to work with an investment Firm that helped traders and he literally promised huge profits who at the end scammed us and wasn’t even responding to our messages. This really hit us hard to a point my husband had suicidal thoughts. Fortunately for us, an old family friend who previously worked with my husband referred us to this recovery expert. They checked on our case and assured us our funds were recoverable. Their services and responses were professional and satisfying. They were able to recover all our lost funds and we really appreciated them and forever greatful to their service. Incase you need their services, Email them through (Spyhost@cyberdude.com).

  8. 27th October 2023 / 7:11 am

    I rarely write reviews, but I had to for this! Because I tried several apps to help with no luck. Back then, I was very confused and always felt awful about my partner’s cheating attitude. I really wanted to track and catch him red-handed. I downloaded this app hoping it would help but I wasn’t satisfied with its features as I needed to monitor my partner closely. I then spoke with a trusted colleague of mine at work and she gave me a genuine recommendation about an ethical private investigator named WIZARD BRIXTON, I wrote to his email at WIZARDBRIXTON AT GMAIL DOT COM explaining how I wanted to have complete access to his call log, iMessage/SMS, social media activities, gallery, texts, deleted or not, his precise location day in day out. I paid for his services and in about 2-3 hours, I had complete access to his phone. I got concrete evidence. it was unbelievable to see the evidence of cheating on me. Who likes to live with a cheater, I used the evidence I got to file for a divorce. I’m thankful to BRIXTON for helping me out of my dilemma and suspicions. His services are highly rated and affordable. If you are having trust issues and need valid evidence, how about you contact WIZARDBRIXTON AT GMAIL DOT COM? Thank you BRIXTON for an incredible job !! I highly recommend his services, simply the best.

    Contact : WIZARDBRIXTON AT GMAIL DOT COM
    Cell Number : (+) 44 7383450230
    Telegram : https://t.me/wizardbrixtongrouphackers

  9. Canon Tracy
    2nd November 2023 / 1:43 am

    If you are looking for the services of private investigators to help you with your cyber problems, contact Brillianthackers800@gmail.com Whatsapp +14106350697 and you will be left happy because they will deliver a perfect job, i am a testifier of the perfections of their services.

  10. Canon Tracy
    2nd November 2023 / 1:34 pm

    Are you in search of the help in the field of cyber activities or you are going through any cyber problem and you need urgent help, i am here to propose a way out of your cyber problems or situation, Which is you contacting Brillianthackers800@gmail.com via Whatsapp +14106350697 and you will your preferred solution you are looking for.

  11. Sheila Hagan
    7th November 2023 / 3:27 pm

    I couldn’t bear the pain of losing all my money to a fake cryptocurrency platform because I had been taken for a fool who trusted the wrong people. I went to the authorities but there was nothing they could do to get back my money from this cryptocurrency platform until my friend told me about Spyweb Cyber Security Service, after my research about Spyweb Cyber Security, I found them to be the most reliable and trustworthy crypto recovery service out there. I provided all the information of my scam to Spyweb Cyber Security Services and my money was recovered within 72 hours. I’m truly grateful for their top-notch service and Spyweb Cyber Security is indeed the best and most reliable cryptocurrency recovery company. I would suggest you contact them if you wish to recover your cryptocurrency.

    E-Mail: SPYWEB @ CYBERDUDE. COM
    Whats App Contact: +1 323 904 8824

  12. Frank Green
    9th November 2023 / 7:35 am

    Contact Spyweb Cyber Security for your cryptocurrency recovery. This is the best crypto recovery company I have encountered and I’m here to share my experience with you all. Spyweb Cyber Security was able to recover my crypto funds from the locked account of my crypto investment platform. It took Spyweb Cyber Security Service just 72 hours to recover the sum of $374,000 that I lost in cryptocurrency. I’m truly grateful for their help and professional service. Spyweb Cyber Security can be trusted as they are very reliable and trustworthy.

    Their contact information is as follows

    E-Mail: (SPYWEB@CYBERDUDE. COM)

    What’s App: (+13239048824)

  13. 10th November 2023 / 9:26 am

    HACKER FOR HIRE

    Wizardlarry(@)mail(.)com is something I heartily suggest. I was told to use Wizard Larry Hacker to retrieve my lost Bitcoin and wallet login credentials, but I didn’t think much of it at first because I had been deceived by a number of scammers in the past. However, after reading some well-known testimonies from some of my mentors in the cryptocurrency space, I decided to follow through. In this instance, I am appreciative of myself for following my instincts because Wizard Larry Hacker succeeded where no other hacker could. You can rely on Wizard Larry the hacker to get your money back from fraudulent investments or lost cryptocurrency Investment

    Email: Support(@)wizardlarryrecovery.com

    WhatsApp: +1(480)_44_86_092

    Visit website: http://www.wizardlarryrecovery.com

  14. Kayla Gerald
    11th November 2023 / 10:23 am

    BITCOIN RECOVERY IS VERY MUCH REAL, AM A LIVING TESTIMONY!!!!

    I was actually fooled and scammed over ( $753,000 ) by someone I trusted with my funds through a transaction we did and I feel so disappointed and hurt knowing that someone can steal from you without remorse after trusting them, so I started searching for help legally to recover my stolen funds and came across a lot of Testimonials about DARK WEB ONLINE HACKERS, Reovery Expert who helps in recovery lost funds, which I can tell has helped so many people who had contacted them regarding such issues and without a questionable doubt their funds was returned back to their wallet in a very short space of time, it took the expert 21 hours to help me recover my funds and the best part of it all was that the scammers was actually located and arrested by local authorities in his region which was very relieving. Hope this helps as many people who have lost their hard earn money to scammers out of trust, you can reach him through the link below for help to recover your scammed funds and thank me later.
    Email Address: dwchzone@gmail.com
    Or WhatsApp: +1 (803) 392-1735

  15. Recovery Intel
    17th November 2023 / 4:44 pm

    ARE YOU A VICTIM OF INVESTMENT OR NFT SCAM? DO YOU WANT TO INVESTIGATE A CHEATING SPOUSE? DO YOU DESIRE CREDIT REPAIR (ALL BUREAUS) SCHEDULE A MEETING WITH AN ETHICAL HACKER ASAP TO GET STARTED.

    ASOREHACKCORP is a financial regulator, private investigation and funds recovery body. We specialize in cases as regards ETHICAL HACKING, CRYPTOCURRENCY, FAKE INVESTMENT SCHEMES and RECOVERY SCAM. We are also experts in CREDIT REPAIR, we analyze what’s impacting your score.
    All software tools needed to execute RECOVERIES from start to finish are available in stock.
    Kindly NOTE that the available tools does NOT apply to CREDIT FIX.

    Be ALERT to FALSE reviews and testimonies on the internet, the authors and perpetrators unite to form a syndicate.

    Contact our team as soon as you can via the email address below to book a mail meeting with an ethical hacker.
    asorehackcorp@gmail.com

    Stay Safe out there !

  16. CATHERINE EDWARD
    20th November 2023 / 10:20 pm

    THE REAL CRYPTO/BITCOIN RECOVERY AGENT

    I was scammed over ( $98,900) by someone I met online on a fake investment project. I started searching for help legally to recover my money and I came across a lot of Testimonies about ETHICREFINANCE Recovery Expects. I contacted them providing the necessary information’s and it took the experts about 27hours to locate and help recover my stolen funds. I am so relieved and the best part was, the scammer was located and arrested by local authorities in his region. I hope this help as many out there who are victims and have lost to these fake online investment scammers. I strongly recommend their professional services for assistance with swift and efficient recovery. They can reached through the link below.
    Email Address: ethicsrefinance@gmail.com
    WHATSAPP :+1 (719) 642-8467

  17. CATHERINE EDWARD
    21st November 2023 / 11:50 am

    REAL LEGITIMATE CRYTPO RECOVERY AGENT

    I’m one of those few people who invested in the cryptocurrency market and was hoping to make enough profits after my retirement. Unfortunately, I had invested in a platform that was out to steal from me, I lost around $275,000 to this platform excluding the promised profits. I had lost every penny I invested into it including the money I had to borrow from friends. I thought it was all over until I came across a Cryptocurrency recovery expert, ETHICSREFINANCE SERVICE, who helped me recover my money from these fake investors. It took ETHICSREFINANCE 48 hours to recover my money and I was able to track down these people. I?m truly grateful for their service and I highly recommend them to anyone with the same problem.

    Email Address: ethicsrefinance@gmail.com
    WHATSAPP :+1 (719) 642-8467

  18. Rose Mary
    23rd November 2023 / 2:28 pm

    Are you aware that you could be scammed while trying to invest into crypto? If you know this then you will have to do a thorough search before investing your funds into any platform. I can’t express the gratitude I have towards Geo Coordinates Hacker security company, for figuring out my lost fund that I had considered very much gone. After I was robbed, I was on my dead end and Geo Coordinates Hacker security company, was my last hope, yours truly they helped me get all my lost funds. For anyone on the ropes, who feels like all hopes are gone and you are deciding if this can work for you, I gladly tell you not to worry, give Geo Coordinates Hacker security company a try. They are Very professional and trustworthy. I highly recommend Geo Coordinates Hacker security company, for your cryptocurrency and funds recovery, you can Contact them via: Email: geocoordinateshacker@proton.me.

  19. 26th November 2023 / 7:39 pm

    I don’t know who needs to see this but if you really need help recovering your lost coin or stolen money, talk to (jeansonjamesanchetawizard62@gmail.com) or WhatsApp number: +447529524472. he’ll come to your rescue. I used to have Trust Wallet where I have all my crypto assets and a telegram support group where one can talk about their challenges and get solutions, I never knew the group have been invaded by scammers who WORLDWIDE, I reached out and told him how it happened. HE actually saved my ass because I was at the verge of losing it, he’s a patient dude and always ready to help. Contact him on email:(jeansonjamesanchetawizard62@gmail.com) or WhatsApp number: +447529524472.

  20. Mattew Roland
    27th November 2023 / 2:03 pm

    A lot of People fall for various frauds always and do not consider the fact that they can get assistance for this. Spyhost cyber security company is truly the best tech pro to help you recover your stolen funds as well as monitor your suspected cheating partner’s devices as many other cyber security issue you might need help with. You may have already be scammed by an imposter or an unregulated crypto broker, but this does not mean that you should just ignore it and try to go on with your life. This is not something you are going to forget overnight and it may affect you in a lot of ways. The good news is that with the technology that we have today, it’s a lot easier to get assistance after falling for this type of scams. It is actually possible for crypto fraud victims to get their money back after being scammed. The secret is that you should just know where to find the right assistance for this scams. I went through similar situation as i was scammed of my retirement funds of $305,000 and fortunately I met a hacker who helped me out, be rest assured your lost or stolen funds will be recovered back to either your wallet or bank account depending on how you want to receive it. Contact Spyhost Cyber Security company through their email address at (Spyhost@cyberdude.com) if you are in a similar situation.

  21. Cynthia Martins
    27th November 2023 / 4:08 pm

    I had already given up on trusting any online cryptocurrency or Bitcoin investment platform after losing $784k to an online BTC investment scammer in March this year. Fortunately, I was able to find Lord Hacker Ultimate Digital Assets Recovery Agency online, a company that is an expert in both cryptocurrency and blockchain networks. It was a horrible time for me, but Lord Hacker Ultimate essentially saved my life by assisting me in Recovering and pulling back all of my transactions to the scammers in a matter of hours. I also received the same amount that I had lost to those scammers. I would recommend anyone in a similar circumstance not to worry; Lord Hacker Ultimate got you covered. You can reach them at Email: L.H.ULTIMATE@FASTSERVICE.COM, WhatsApp: +16266210821, Telegram: @Lordhackerultimate, or Signal: +16266210821.

  22. Manuel Franco
    1st December 2023 / 6:54 am

    I just want to say Thank You to everyone who supported me through the years. My name is Manuel Franco, New Berlin, Wisconsin. My story of how I won the Powerball lottery of $768.4M is a bit of a tale. I have been playing Powerball tickets for 6 years now since I turned 18. I bought my first ticket on my 18 birthday. I was feeling very lucky that day because I had contacted Dr. Odunga Michael to help me with the winning Powerball numbers. I really had that great great feeling that I looked at the camera wanting to wink at it. I only did a tiny part of it and trusted him. He gave me the numbers after I played a couple other tickets along with it for $10. I checked my ticket after the winnings came online and saw the numbers were correct including the Power play. I screamed for about 10 minutes because it felt like a dream. I had won $768.4M. You can check my winning testimony with the lottery officials just with my name search. Thank you Dr Odunga. Well, his email is odungaspelltemple@gmail.com and you can also call or Whats-app him at +2348167159012 so you guys can contact him

The contents of this blog are for information and ideas, and should not be viewed as financial advice. Use of the material is conditional on there being no liability for how you choose to use it. If you are unsure about any investments or financial issues, please contact a financial adviser.