CHANCELLOR Rishi Sunak has promised income tax cuts in two years' time in today's budget announcement, but experts say this and other measures do not go far enough to help those on low incomes battle soaring energy, food and fuel prices.

Highlights on Mr Sunak's announcement include:

• The first cut to the basic rate of income tax in 16 years - from 20 per cent to 19 per cent - by the end of Parliament in 2024.

• Fuel duty will be cut by 5p a litre until March 2023.

• The National Insurance threshold will be raised by £3,000, meaning people must earn £12,570 per year before paying income tax or NI, which Mr Sunak said is a tax cut for 30 million people worth over £330 a year.

• The Household Support Fund for local councils to help the most vulnerable will be doubled to £1 billion from April.

• Retail hospitality and leisure sectors will have a 50 per cent discount in business rates up to £110,000.

• VAT will be scrapped on home energy-saving measures such as insulation, solar panels and heat pumps.

Stuart Andrew, Conservative MP for Pudsey, Horsforth and Aireborough, supported the Chancellor's measures, saying: “This tax plan delivers the biggest cut to personal taxes in over a quarter of a century – simplifying our system in the long-term whilst we deliver immediate relief for cost-of-living pressures.”

However, others said the measures did not go far enough.

West Yorkshire Chamber of Commerce Head of Policy and Representation, Mark Goldstone, said: “This was a missed opportunity to rebuild and renew the economy and restore the business confidence needed to weather the uncertain and volatile times we currently face.

“The cut in fuel duty, though welcome, does not off-set the significant cost-of-living increases bearing down on firms and households.

“Smaller businesses, in particular, are exposed as they have neither the protections or financial support provided to households, nor the negotiating power of larger businesses.

“The measures in the Spring Statement don’t go far enough for what businesses needed to see today.

“As the economic outlook is likely to get worse before it gets better, many firms will be forced to continue raising prices, further fuelling the cost-of-living crisis. There were too few measures here to restore stability and confidence for business.

“While the increased employment allowance provides a small amount of financial headroom for firms facing rising costs, other measures – such as the introduction of an SME energy price cap – would have helped to tackle the escalating crisis to the cost of doing business.

“Keeping a lid on prices, protecting jobs and securing investment is needed now to sustain our economic prospects.”

Cllr Susan Hinchcliffe, Leader of Bradford Council, said: “This is a very concerning time for households with rapidly rising fuel and food costs. Nationally, living standards are forecast to suffer their biggest fall on record.

“People are being hit particularly hard because incomes have been squeezed during the last 12 years of successive Conservative governments.

“I am concerned therefore the Chancellor’s actions do not appear to match the scale of this cost of living crisis that families face in our district. He hasn’t targeted the support where it’s needed most in low and middle income households.”

Mayor of West Yorkshire, Tracy Brabin, said: “It’s very disappointing the Chancellor has chosen not to provide any direct support for the lowest income families, at a time when rising inflation is cutting the value of their wages and the benefits they receive.

“At a time when people in West Yorkshire are facing extremely tough decisions about their everyday costs such as meeting the cost of soaring energy bills, clothing their children or doing the weekly food shop, this is the wrong choice to be making.”

“To the people across our region, who face this cost-of-living crisis, this statement will feel like a sticking plaster over a much bigger problem.”

Lee Bloomfield, chief executive of Bradford-based Manningham Housing Association, said: “People on the bottom rung of the income ladder are facing a tsunami of significantly higher energy bills and shopping bills increasing week upon week as inflation risks spiralling out of control.

“There is no extra money for those on Universal Credit and the £500 million allocated to local authorities supposedly to help the poorest in society is miniscule given the numbers of people requiring help.”

Gareth McNab, Director of External Affairs at Braford-based Christians Against Poverty (CAP), said: “We are glad the Chancellor acknowledged the impact of the cost of living crisis, but he announced very little to help the most vulnerable and to provide for the longer term financial security of those on the lowest incomes. 

“He should have uprated benefits by 7 per cent in April to help the poorest families manage through the cost of living crisis.

“The announcements ignored people in the toughest situations.”