I KNOW people are deeply concerned about making ends meet.
Countries around the world are grappling with rising fuel and energy prices as we emerge from the pandemic.
And the effects of freezing Russia from global markets are being felt here at home.
I know that in these uncertain times, costs are rising and budgets are tightening.
And I know it’s not easy for Sun on Sunday readers across the country trying to look after their families during these trying times.
Ever since I became Chancellor I have always done everything in my power to support the British people.
The pandemic caused the biggest economic shock in more than 300 years and we responded with an unprecedented £400 billion response, protecting lives and livelihoods across the UK.
And now, while we cannot and will not fully protect everyone from the global challenges we face, we can and will stand behind the British people to help you navigate these rising costs.
This week I announced a tax plan that offers the largest net reduction in personal taxes in more than a quarter century.
Firstly, we have reduced the fuel tax by 5p to help drivers facing rising costs at the pump.
This is the biggest cut of any fuel tax rate ever and is worth £2.4 billion.
Second, we will raise Social Security thresholds and give 30 million workers a tax cut, saving the typical worker more than £330 a year.
This means that a typical family, where one adult earns the average wage and another works 16 hours a week on the national living wage, with two children over the age of five is expected to be better off by £3,000 a year because of the increase , if you add them alongside our other support.
As a result of the change, which will be introduced from July, around 70 percent of workers who pay Social Security will pay less than they otherwise would have – even after accounting for the introduction of the new health and social security contribution.
And finally, I announced the first cut in the property tax rate in 16 years – to ensure people keep more of what they earn.
This will add up to £175 a year for more than 30 million workers, pensioners and savers and will occur if we assume inflation is back under control, public debt falls and the economy grows.
In addition, we have doubled the size of the Budget Support Fund by providing an additional £500m to local authorities to help those most in need with essentials such as food, clothing and supplies.
The plan I’ve outlined this week comes on top of the support we’ve already given to help with living expenses this year.
We know energy bills are a particular concern, which is why we provided targeted assistance back in February to protect people from rising costs with an aid package.
This means those living in the AD council tax bands will get a £150 rebate in April and a further £200 later in the year to help spread the cost of bills.
We’ve lowered the Universal Credit taper rate and increased work allowances to help lower-income households keep more of what they earn, saving 1.7 million households an extra £1,000 a year.
And next month the National Living Wage will rise to £9.50 an hour, an increase worth more than £1,000 for two million full-time workers.
Our Jobs Plan has worked to protect jobs during the pandemic, with unemployment now below pre-pandemic levels.
And we’re helping further with our Way To Work campaign, which aims to get 500,000 job seekers into employment by the end of June.
The steps we have taken sanction Russia are not in vain for us at home, and we will all have to pay a price for defending freedom.
And I cannot say that we can fully protect people from the difficult and uncertain times ahead.
But this government will continue to stand by your side and will do whatever we can to support you.
Our new tax plan will result in a stronger economy and put billions of pounds back into the pockets of hard-working families across the UK.
And if we can continue in the spirit of strength I have experienced during the pandemic, we will face this next challenge together and emerge stronger.
https://www.the-sun.com/news/4985297/rishi-sunak-get-through-this/ I know people are very concerned about making ends meet, but I always do everything in my power to support you