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

Casual Support Worker

Oxfordshire County Council
£25992 - £28163
About Us Abingdon Community Support Service's primary purpose is to support adults to engage with a stimulating programme of meaningful individual and rewarding group activities. The Social and Community Services vision is to support and promote strong c Abingdon Community Support Service
Recuriter: Oxfordshire County Council

Quality and Review Support Assistant

Durham County Council
Grade 4 £25,583 - £26,824 Pro-rata
WHAT IS INVOLVED?   You will provide administrative, clerical and typing services to the Quality & Review Service, specifically in support of the Inde Spennymoor
Recuriter: Durham County Council

Duty Manager

Durham County Council
Grade 6 £28,142 - £31,022 per annum
We have an opportunity for a Duty Manager at Meadowfield Leisure Centre.  WHAT IS INVOLVED? You will be responsible for the day-to-day operation of t Durham
Recuriter: Durham County Council

Support Worker

Durham County Council
Grade 4 £25,583 - £26,824 Pro-rata
WHAT IS INVOLVED?   You should be an enthusiastic team player who takes pride in providing excellent customer service.  You will have good communicati Spennymoor
Recuriter: Durham County Council

Support Worker

Durham County Council
Grade 4 £25,583 - £26,824 Pro-rata
We have an exciting opportunity for a permanent Support Officer to join our dedicated team within Business Services (part time 22 hours).   WHAT IS IN Durham
Recuriter: Durham County Council
Linkedin Banner