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Cost of Living

The Chancellor dedicated a substantial proportion of his speech to the invasion of Ukraine and stressed the impact of the crisis on the global economy and on the cost of living in the UK.

He began with one of the more eye-catching announcements of his speech, and one that hasn’t featured in even a full Budget for many years – a one-year temporary 5p a litre cut in fuel duty applying from 6pm on Wednesday 23 March 2022.

The Chancellor committed to cutting VAT for homeowners installing energy saving measures to 0 per cent.

He also reiterated his February announcement of a £9 billion package to help with rising energy bills following the increase in the price cap.