Rishi Sunak sets the terms of the 2024 election

Commentator John Rentoul gives his take on the day's proceedings

View in browser     The View from Westminster   March 23, 2022 John Rentoul Rishi Sunak sets the terms of the 2024 election  The chancellor delivered his spring statement. The text is here.    He cancelled the rise in national insurance for most people, but after a three-month delay. So taxes will go up next month, but then down again when the threshold for national insurance is raised in July – 70 per cent of workers will end up being better off; the highest-paid 30 per cent will still be paying more, but not as much as for those three months.    The delay in raising thresholds shows how last-minute the changes were. He cut fuel duty by 5p a litre and put some more money into business support and the hardship fund administered by local councils. But nothing extra for energy bills, or for benefits.    The unexpected announcement was a cut in the basic rate of income tax in two years' time: I wrote about how it sets the terms for the next election (link below).    Quiz question: In University Challenge each contestant shakes hands with each member of the opposite team of four, and also with Jeremy Paxman. How many handshakes in total? Answer at the bottom of today's email What else you need to know today The first senior Kremlin official has resigned over the invasion of Ukraine. Anatoly Chubais, who was formerly president Boris Yeltsin's chief of staff, quit his role as climate envoy and left the country, a source told Reuters. Follow the latest here  Most of the news is dominated by the mini-Budget: I did my "what he said and what he meant" translation of the speech here  The initial response from the Institute for Fiscal Studies is here Nick Macpherson, the former Treasury permanent secretary, noted the shift from income tax to national insurance since 1977 Andrew Grice focused on the biggest postwar squeeze in living standards  . . Rentoul's reading list Hannah Fearn on whether the £400m for Iran was a ransom or a debt Anastasiia Zagoruichyk on why Ukrainians believe they will defeat Putin Tony Blair talked to Michael Sheen, who played him three times Quotation of the day "I can confirm, before the end of this parliament, in 2024, for the first time in 16 years, the basic rate of income tax will be cut, from 20 to 19 pence in the pound." Rishi Sunak, chancellor   Quiz answer: Twenty-four (4x4 plus 8 with Paxman) Articles available exclusively to subscribers John Rentoul on Rishi Sunak (again) News you can trust The Independent has a 100% NewsGuard trust rating     Find out more . Let me know your thoughts on Twitter @JohnRentoul or email. If you can spare a minute we'd love your feedback on our newsletters.     Join the conversation or follow us Please do not reply directly to this email.   You are currently registered to receive The Independent's The View From Westminster email. Add us to your safe list of senders . If you do not want to receive The Independent's View From Westminster email, please unsubscribe. If you no longer wish to receive any newsletters or promotional emails from The Independent, you can unsubscribe here.   This email was sent by Independent Digital News and Media Ltd, 2 Derry Street, London W8 5HF. Registered in England and Wales with company number 07320345. Read our privacy notice and cookie policy.