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Rishi Sunak is set to deliver the 2022 Spring Statement today (23rd March) as a cost-of-living crisis grips the UK.<\/p>\n
Also known as the \u201cmini-Budget\u201d, the Spring Statement is an annual address made by the Chancellor on the state of the economy and the nation\u2019s finances.<\/p>\n
This year, the Chancellor is under pressure to address the UK\u2019s 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\u2019s invasion of Ukraine.<\/p>\n
Policies have already been implemented, such as the \u00a3150 council tax rebate, but a previously announced rise in National Insurance contributions is expected to be put in place.<\/p>\n
The Chancellor tweeted yesterday: \u201cDelivering greater economic security for our people, accelerating growth and productivity, and making sure the proceeds of that growth are shared fairly.\u201d<\/p>\n
He added: \u201cThat is not the work of any one statement. But that work begins tomorrow.\u201d<\/p>\n