Spring Statement 2022 – live: Inflation hits new high as Sunak warned people choosing between heat and food
Chancellor Rishi Sunak is under mounting pressure to use today’s mini-Budget to give people a helping hand with their finances as inflation hits a 30-year high.
The rate of Consumer Price Index inflation jumped to 6.2 per cent in February, from 5.5 per cent in January, the ONS said on Wednesday morning.
The government has insisted that they will not change the planned rise in National Insurance contributions, but the chancellor could reportedly cut fuel duty to help drivers.
Meanwhile voters overwhelmingly support a windfall tax on North Sea oil and gas companies to support families with mounting energy bills, a new poll for The Independent has found.
A Savanta ComRes survey for The Independent has found that the majority of voters – including among Conservative voters – support scrapping next month’s 1.25 percentage point rise in National Insurance contributions.
A majority also back a cut to fuel duty and the introduction of a £10-an-hour minimum wage. Families are facing a further hit to their finances next month, with the average £700 hike in annual domestic gas and electricity bills due to take affect.
