Spring Statement 2022: five things Rishi Sunak should have announced
Delaying the NI rise and ending the student loan raid was wishful thinking

The Spring Statement seemed to satisfy no one, said James Coney in The Sunday Times. Here are five things that the Chancellor, Rishi Sunak, should have announced:
1. A delay to the NI rise
What’s the point of bringing in a new levy from April “if you’re going to give half of it back by raising national insurance thresholds and giving away £6bn?” Delaying the rise would have made sense.
What will increase in price from April?
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
2. Changing tax thresholds
Since the previous Budget, the Chancellor has amassed a £7.5bn windfall because the Treasury has “barely moved income tax thresholds between 2019 and 2022 and has frozen them until 2026”. Huge numbers of workers have been dragged into higher tax bands.
3. Boosting pensions
The state pension triple lock was put on hold this year because of the pandemic. Although pensions will rise in April, it will only be by September’s 3.1% inflation figure. Inflation is likely to be 7% by then.
How high could inflation rise in 2022?
4. Childcare help
Nurseries are facing soaring costs from heating, food and wages. Sunak should have boosted the childcare hours scheme to ensure it covers all costs.
5. Ending the student loan raid
Sunak’s plan to extend student loan repayments to 40 years, and lower the salary at which they start being paid, will raise £35bn over five years. This generation faces “an impossible task to get by”.
Spring statement: highlights of Rishi Sunak’s ‘mini budget’
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
Doom: The Dark Ages – an 'exhilarating' prequel
The Week Recommends Legendary shooter adds new combat options from timed parries to melee attacks and a 'particularly satisfying' shield charge
-
7 US cities to explore on a microtrip
The Week Recommends Not enough vacation days? No problem.
-
Sudoku medium: May 14, 2025
The Week's daily medium sudoku puzzle
-
Work life: Caution settles on the job market
Feature The era of job-hopping for bigger raises is coming to an end as workers face shrinking salaries and fewer opportunities to move up
-
Saving the post office
Feature The U.S. Postal Service is facing mounting losses and growing calls for privatization. Can it survive?
-
Safe harbor: Gold rises as stocks sink
feature It's a golden age for goldbugs
-
What is the Mar-a-Lago accord?
Talking Point A Maga economic blueprint proposes upending the global financial system. Could it fly?
-
Elon Musk: has he made Tesla toxic?
Talking Point Musk's political antics have given him the 'reverse Midas touch' when it comes to his EV empire
-
Texas vs. Delaware: See you in court
Feature Delaware risks losing its corporate dominance as companies like Tesla and Meta consider reincorporating in Texas
-
Trade wars, explained
The Explainer Free trade is almost always good for any economy – so why is it so unpopular?
-
Diversity training: a victim of the 'war on woke'
Talking Point More and more US companies have phased out corporate DEI initiatives, and the incoming Trump administration is likely to fuel the cultural shift