Rishi Sunak has just announced in his spring statement that there will be an increase to the National Insurance threshold with effect from July so that people will now only pay NI on earnings over £12,570. This brings the NI threshold into line with the level at which people start to pay tax.

He has also announced that from 2024 the lower rate of income tax, which now stands at 20%, will be decreased by 1 pence in the pound to 19p.

More to follow on this.