NI threshold increased but no major cost-of-living balm from Spring Statement

Amid massive pressure to open government coffers to help people stay above water in this cost-of-living crisis driven by sky-high energy prices, chancellor of the Exchequer Rishi Sunak has held onto the National Insurance increase but tinkered around the edges of personal tax rules. 

The headline policy of the Spring Statement sees the chancellor increasing the level of income at which earners start to pay National Insurance by nearly £3,000, from £9,880 to £12,570 from July. This will align it with the personal allowance for income tax which enables people who earn less than £100,000 a year not to pay tax on the first £12,570 of what they earn each year.