Did Rishi Sunak deliver on his tax-cut promise?

Today’s spring statement may not have been a proper Budget – but it could prove to be one of the most significant moments in Rishi Sunak’s time as Chancellor. 

At a time when families are facing the double-edged sword of soaring bills and wages falling behind inflation, Sunak was under pressure to offer reassurance. But inflation, which we found out this morning is heading for a 40-year high, is also biting the Treasury. The Chancellor’s response to this dilemma came in the form of several major tax announcements, all targeted at reducing costs for the lowest paid. But Sunak also doubled down on less welcome policies which he insisted are vital for balancing the books.

National Insurance will rise, as expected, next month by 2.5 percentage points. Sunak made no apologies for keeping it. ‘If it goes, then so does the funding,’ he said, in another bid to connect in people’s minds that more money for the NHS is linked to more tax.