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’
Create an account with the same email registered to your subscription to unlock access.
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
-
Shardlake: a 'tightly plotted, gorgeously atmospheric piece of television'
The Week Recommends Arthur Hughes captivates in this 'eminently watchable' Tudor murder mystery
By Irenie Forshaw, The Week UK Published
-
Major League Baseball is facing an epidemic of pitcher's injuries
Under the Radar Many insiders are blaming the pitch clock for the rise in injuries — but the league is not so sure
By Justin Klawans, The Week US Published
-
8 movie musicals that prove the screen can share the stage
The Week Recommends The singing and dancing, bigger than life itself
By Scott Hocker, The Week US Published
-
New austerity: can public services take any more cuts?
Today's Big Question Some government departments already 'in last chance saloon', say unions, as Conservative tax-cutting plans 'hang in the balance'
By The Week UK Published
-
Shein: could the year’s mega-IPO fall apart at the seams?
Talking Point Latest hitch is a pre-float 'security review' that could deter potential investors
By The Week UK Published
-
Labor market strong as inflation sinks
Feature And more of the week's best financial insight
By The Week US Published
-
Midair blowout: another black mark for Boeing
Feature This isn't the first production issue Boeing has encountered
By The Week US Published
-
Behemoths of the seas
The Explainer Cruise liners keep getting bigger, with the world’s largest 'megaship' ever built set to make its maiden voyage this month.
By The Week Staff Published
-
Holiday season: Fed optimism cheers investors
Feature The feds believe their 'pivot' will make a recession unlikely
By The Week US Published
-
Older workers stay in the labor force
Feature And more of the week's best financial insight
By The Week Staff Published
-
America's most in-demand job
Feature And more of the week's best financial insight
By The Week US Published