This Is Money Show

Why would you cut tax and raise the same tax at the same time? That’s been the slightly baffled response from many people to Rishi Sunak’s Spring Statement. Effectively, the Chancellor both cut and raised National Insurance – lifting the threshold it is paid at but ignoring calls to 'spike the hike' and ploughing ahead with the 1.25 per cent being added to rates. Bizarrely, the tax rate goes up in April, only for the threshold to rise and reduce bills shortly afterwards in July. And we wonder why people find tax taxing? On this week’s podcast, Georgie Frost, Lee Boyce and Simon Lambert dive into the detail of the Spring Budget to explain what the NI hike / cut means for you. Depending on their earnings some will be in the group paying more than now and some will pay less? The team also look at the other measures in the Spring Statement and whether a 5p petrol duty cut and some money off solar panels really cuts the mustard in the face of a cost of living crisis. The Office of Budget Responsi