Spring Statement 2022: Chancellor announces 1p income tax cut by 2024

Taxes on working families will be cut by more than £330 per year, Chancellor Rishi Sunak has said, closing his Spring Statement to cheers from Conservative benches.

He said the basic rate of tax would fall from 20p to 19p before end of this Parliament in 2024, and that it was "fully costed and fully paid for" in his tax plans given to the Commons on Wednesday.

LIVE: Chancellor Rishi Sunak delivers Spring Statement

BBC coverage of the Spring Statement