Rishi Sunak is set to deliver the 2022 Spring Statement today (23rd March) as a cost-of-living crisis grips the UK.
Also known as the “mini-Budget”, the Spring Statement is an annual address made by the Chancellor on the state of the economy and the nation’s finances.
This year, the Chancellor is under pressure to address the UK’s deepening cost of living crisis and announce measures to tackle factors like the energy price cap increase, soaring petrol prices and inflation, all of which have been worsened by Russia’s invasion of Ukraine.
Policies have already been implemented, such as the £150 council tax rebate, but a previously announced rise in National Insurance contributions is expected to be put in place.
The Chancellor tweeted yesterday: “Delivering greater economic security for our people, accelerating growth and productivity, and making sure the proceeds of that growth are shared fairly.”
He added: “That is not the work of any one statement. But that work begins tomorrow.”
Delivering greater economic security for our people, accelerating growth and productivity, and making sure the proceeds of that growth are shared fairly.
— Rishi Sunak (@RishiSunak) March 22, 2022
That is not the work of any one statement. But that work begins tomorrow.
The Spring Statement starts at 12.30. pic.twitter.com/Z4b93fl7aC
Here’s when and how you’ll be able to watch the Spring Statement today, and what you can expect from the address.
What time is the Spring Statement 2022?
Sunak will deliver his Spring Statement to the House of Commons on Wednesday 23rd March at 12:30pm.
His speech will follow Boris Johnson’s appearance at PMQs, which will begin at 12pm.
How to watch the Spring Statement 2022
![""]("https://images.immediate.co.uk/production/volatile/sites/3/2021/03/Coronavirus-briefing-Rishi-Sunak-f1530f4.jpg?quality=90&resize=620%2C413" "\"\"")
There are several ways to watch the spring “mini-Budget” today.
The statement will air live on major news channels, including BBC News and Sky News.
It will also be accessible online through BBC iPlayer and Sky News’ live YouTube stream.
In addition, it will also be available to watch via the UK Parliament YouTube channel.
What can we expect from Rishi Sunak’s Spring Statement?
Exactly what the Chancellor will announce remains unclear, but the cost-of-living crisis is likely to be top of the agenda.
The National Insurance increase, announced in 2021, is expected to go ahead, despite many hoping Sunak would do a U-turn and delay the rise.
What’s more, with petrol prices reaching an all-time high in the UK, Sunak is expected to announce a cut to fuel duty.
The Chancellor has already announced his plans to soften the blow of the energy price rise, so it’s unlikely he’ll have much more to announce on this front.
Ahead of the 2022 Spring Statement, the Chancellor said: “The ongoing uncertainty caused by global shocks means it’s more important than ever to take a responsible approach to the public finances.
“With inflation and interest rates still on the rise, it’s crucial that we don’t allow debt to spiral and burden future generations with further debt.”
If you’re looking for something else to watch, check out our TV Guide.
The latest issue of Radio Times is on sale now – subscribe now to get each issue delivered to your door. For more from the biggest stars in TV, listen to the Radio Times podcast with Jane Garvey.