Spring Statement - what time is it and what is Chancellor Rishi Sunak expected to announce as inflation approaches 30-year high
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The latest figures on the economy has presented grim figures for the government, with rising energy, goods and food feeding inflation.
A cut to fuel duty, prompted by surging prices at the pumps, is reportedly expected to be on the cards, while changes to National Insurance payments have also been urged form some quarters.
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Hide AdThe Spring Statement, also sometimes referred to as a ‘mini budget’, is due to be unveiled by the Chancellor at the despatch box in the House of Commons from about 12.30pm today (Wednesday, March 23).
The event, which will be streamed on the Parliament live feed, will include speeches and debate, with more detailed documents and plans due to be made available online shortly after.
Just hours before Mr Sunak’s speech to the Commons, the Office for National Statistics (ONS) revealed figures showing the rising cost of living had helped push inflation to 6.2% – a 30-year high.
The data laid bare the struggle facing households, showing an even higher than expected rise to the Consumer Prices Index (CPI) figure for measuring inflation, as it hit the highest level since March 1992, when it stood at 7.1%.
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Hide AdAccording to the ONS, price rises in “recreation and culture, and furniture and household goods” helped feed the inflation surge in February.
Russia’s invasion of Ukraine has also had huge repercussions for family finances, with knock on effects on the cost of vehicle fuel and heating, as well as the price of food.