Chancellor Rishi Sunak delivered his annual Spring Statement on Wednesday as students continue to be concerned over the rising cost of living. .
Some of the main plans that were announced included: the cutting of fuel duty, to raise the threshold at which people start paying National Insurance, alongside pledging to cut the basic rate of income tax before the next general election.
One impact that students could face is the state of unemployment. The BBC announced that the unemployment rate is predicted to be lower over the next coming years than in the Officer for Budget Responsibility’s (OBR) previous prediction in October allowing for further workspace opportunities.
It was announced that fuel duty will be cut by five pence per litre until March 2023. However, the OBR also predicts that energy will rise by 40% again in October if wholesale gases remain at the same level they are currently. This means students who do not have bills inclusive rents will continue to see increases in their monthly energy costs, with little assistance from the Treasury.
Mr Sunak also announced that the income threshold at which people start paying National Insurance will rise to £12,570.
He also pledged to cut the basic rate of income tax from 20p to 19p before the end of this current Parliament.
It is estimated that the average household will be £6 a week better off after the Chancellors review.
