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

Graduate Trainee Electric Vehicle Infrastructure

North Yorkshire Council
£25,183 - £30,559
Could you help us deliver Electric Vehicle infrastructure to support this new transformation mode of transport. Greenwich, London (Greater)
Recuriter: North Yorkshire Council

Contracts and Strategy Officer

Royal Borough of Greenwich
£41,442 - £44,331
Royal Greenwich is on the up! Having achieved a 3.8% increase in our recycling rate this year Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

Senior Developer

Royal Borough of Greenwich
£52,584 - £69,068
Royal Greenwich is a vibrant borough, with a rich history and diverse community. Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

SEND Operations Assistant - 2 year FTC

Essex County Council
£25081 - £26679 per annum + + 26 Days Leave & Local Gov Pension
SEND Operations AssistantFixed Term, Full Time£25,081 to £26,679 Per AnnumLocation
Recuriter: Essex County Council

Welfare Benefits & Money Advice Caseworker

Sandwell Metropolitan Borough Council
Band E SCP 18-25 (£30,559 - £35,235 per annum
We have an exciting opportunity for a skilled individual to join our Welfare Rights Team Sandwell, West Midlands
Recuriter: Sandwell Metropolitan Borough Council
Linkedin Banner