Analysis: Rumours are rife about what Chancellor Rishi Sunak may do to help families, as part of the Spring Statement, to tackle rising inflation and an economy being buffeted on several fronts
The upshot is that the numbers produced by the Office for Budget Responsibility this week are likely to include some scary looking figures: inflation rising towards double digits this year, compared with the previous forecast of"just" 4%, and the forecast for growth in gross domestic product being cut.
Some of this is due to the Russian invasion, certainly, but a lot of that inflation was in the pipeline long before tanks rolled across the border.Here are a few things to look out for: The next thing to look out for is what he does to dull the pain of the health and social care levy, due to come into force in April.An increase in National Insurance contributions is likely to hit families' disposable income, experts say.
But there are strong arguments to say we are in one of those unusual periods when prices have risen far beyond what anyone might reasonably have expected.Will the government introduce a windfall tax on North Sea oil producers? Mr Sunak has so far seemed reluctant.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Spring Statement: Borrowing figures give Rishi Sunak 'wiggle room'One influential economist says government borrowing this year could be about £25bn less that expected.
Read more »
Rishi Sunak handed borrowing boost before spring statementFigures could improve chances of tax cuts, but inflation drives up cost of government debt
Read more »
Spring Statement: Will Rishi Sunak help where it really hurts?Don't roll the drums for big financial drama when the chancellor delivers his speech on Wednesday.
Read more »
Is Rishi Sunak a tax-cutter?The chancellor says he wants to cut taxes - but figures how taxes have risen under his watch.
Read more »