Heather Jameson 23 March 2022

Spring statement: Sunak to tackle cost of living pressures

Spring statement: Sunak to tackle cost of living pressures image
Image: Ilyas Tayfun Salci / Shutterstock.com

Chancellor Rishi Sunak is expected to tackle increasing pressure on household budgets when he makes his Spring Statement today.

His plans for a small update of the public finances was blown out of the water by the cost of living crisis and increased pressures arising from the war in Ukraine.

However, the Chancellor is unlikely to row back on his plan to increase National Insurance by 1%.

Rapidly rising inflation is expected to be centre stage. The Office for Budget Responsibility is likely to revise its predictions of inflation from 5% to closer to 10% as fuel and food costs soar. But unemployment and wage inflation are like to better than expected.

The Office for National Statistics revealed the cost of servicing the UK’s £2trn debt rose last month to £2.8bn, due to the rising interest rate. However, the buoyant economy pushed the chancellor’s tax take up by £4.2bn over the February 2021 figures.

With that public finance boost, Mr Sunak is expected to announce further measures for hard-pushed families, on top of the £150 council tax rebate announced to deal with the soaring energy costs.

The Treasury is also expected to cut fuel duty by around 5p a litre in a bid to ease the pain, and there may be further measures for those on universal credits.

SIGN UP
For your free daily news bulletin
Highways jobs

Early Help Family Practitioner - 12 month FTC

The Royal Borough of Kensington & Chelsea Council
£39150.00 - £42861.00 per annum
Be the support that helps families find their strength and move forward.Be the support that helps families find their strength and move forward. As England, London
Recuriter: The Royal Borough of Kensington & Chelsea Council

Head of Human Resources and Organisational Development

Swansea Council
£73,908 - £85,884
As Head of HR and OD Swansea (Abertawe)
Recuriter: Swansea Council

Early Help Practitioner

Durham County Council
Grade 6, £28,142 - £31,022 per annum
Durham County Council are on a continuous improvement journey in relation to its Early Help service. We are one of 75 Local Authorities who are part o Durham
Recuriter: Durham County Council

Legal Clerical Assistant

Durham County Council
£26,403 to £28,598 p.a. (Grade 5)
A vacancy has arisen within Business Services for a full time, permanent Legal Clerical Assistant to provide legal clerical support to solicitors and Durham
Recuriter: Durham County Council

Practice Coordinator

Durham County Council
Grade 13 - £47,181 - £51,356
Do you love supporting practitioners to bring their best selves to their work? We are looking for a Practice Coordinator to support our Social Worker Spennymoor
Recuriter: Durham County Council
Linkedin Banner