Sunak's Thin Gruel Summarised

 

- Fuel duty cut by 5p 

- the threshold at which people start to pay NI will rise by £3,000 to £12,570

- basic rate of income tax to be cut from 20p to 19p by the end of this parliament

- VAT will be removed from green home renovations eg heat pumps/solar panels. 

All this to cover the largest fall in living standards since the mid 50's!

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Spring is in The Air - Rishi's Thin Spring Gruel

 

Look carefully, Sunak is holding 2 documents - whispers he'll unveil a separate economic plan or strategy alongside the statement... https://t.co/LLfMATzTEr via @BBCNews

— Laura Kuenssberg (@bbclaurak) March 23, 2022

Despite Laura's excitement over Rishi's two documents, I suspect he will be serving very thin gruel indeed this lunchtime.

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Hammond To Make Spring Statement

Hammond will unveil the latest economic forecasts from the Office for Budget Responsibility in a brief 15-minute statement to MPs at 12:30 GMT.

He is set to unveil consultations on a single-use plastics tax and a possible tax on the profits of digital giants like Facebook and Google.

He is expected to reveal that tax receipts are covering day-to-day government spending for the first time since the 2008 financial crisis.

There will be no policy announcements or tax and spending measures - they will be held back to the Budget in the autumn - and no photocall outside 11 Downing Street with the chancellor's red box.

I am forced to ask, what is the fucking point of this then?