Chancellor reveals 2022 budget plans

The Chancellor has spelled out his budget plans for 2022 in the House of Commons.

They include cutting duties on beer and cider, creating thousands more special school places, investing billions of pounds in affordable homes, and reducing business rates by half for some sectors.

Northern Ireland gets a proportionate figure to any announcements made, based on the "Barnett Formula".

Business rates will stay, despite a recent review, but next year those in the retail, hospitality, and leisure sectors can get a 50 per cent discount.

For families, there's going to be a change to Universal Credit - specifically a cut in the taper rate - designed to make sure people don't lose out on benefits by working more.

Rishi Sunak says the planned rise in fuel duty is being cancelled.

He told MPs: "With fuel prices at the highest level in eight years, I'm not prepared to add to the squeeze on families and small businesses.

"So I can confirm today the planned rise in fuel duty will be cancelled. That's a saving over the next five years of nearly £8 billion.''

The planned increase in duty on spirits such as Scotch whisky, wine, cider and beer will be cancelled from midnight.

He said this alone will represent a tax cut worth £3 billion.

Mr Sunak criticised the current system of alcohol taxes as outdated and too complicated, as he revealed a raft of changes.

"We are taking advantage of leaving the EU to announce the most radical simplification of alcohol duties for over 140 years,'' he said.

There will be a lower Air Passenger Duty for flights between UK airports from April 2023.

He confirmed a rise in minimum wages, an end to the public sector pay freeze, and a number of announcements we've heard in the last few days – including investment in health and transport.

UK spending on overseas aid is to return to 0.7 percent of national income by 2025 - after it was cut because of the impact of the pandemic.

The chancellor says the Office for Budget Responsibility now forecasts a faster bounce back from Covid-19 than previously expected.

Economic growth will be 6.5 per cent this year.

But inflation, which is the rise in prices in the shops and for goods, will average at more than 4 percent next year.

Labour's Shadow Chancellor's accused Mr Sunak of living in a parallel universe - claiming those reliant on schools, hospitals and police won't 'recognise the world' he's living in.

Rachel Reeves claims not enough is being done to help the poorest.