Boris Johnson has "full confidence" in his embattled Chancellor after a row broke out over his family's finances.
What time is Rishi Sunak's spring statement and what is set to be announced?
23.03.2022 - 12:11 / manchestereveningnews.co.uk
The Chancellor of the Exchequer is due to make a major announcement today which will affect the finances of every citizen and household in the UK. Rishi Sunak 's spring statement will reportedly be set to slash fuel duty as Boris Johnson begins to pursue long-term measures to guard against future energy bill pressures.
It has also been suggested that the Chancellor may cut fuel duty by as much as 5p per litre to help support families and businesses through the current cost of living crisis. It comes as forecourt prices soar in the wake of Russia's invasion of Ukraine with the average price of petrol now standing at a record 165.9p per litre and 177.3 per litre for diesel.
“My priority over the rest of this Parliament is to cut people’s taxes. That is my mission,” Mr Sunak said. He has also hinted that the budget will be more focused on a realignment of spending, instead of any new major allocations.
Read more: Food shortage fears as government urged to act on gas and fuel prices amid Russia-Ukraine war
The statement will also reportedly see the Chancellor potentially raise the threshold at which people start paying national insurance. It could potentially see 150,000 people opt-out of paying next month's planned 1.25 percentage increase on NI.
Mr Sunak is expected to deliver the spring statement at around 12.30pm today in the House of Commons. Often known as the 'mini-budget', the Chancellor will update the Commons on the overall health of the economy and examine the progress made with the autumn Budget.
This means no major tax or spending changes will be announced today since these are only made once a year at the autumn Budget, which last took place on October 27, 2021.
An increase in the NI in April will be set
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