Spring statement live: Chancellor outlines efforts to stem cost-of-living crisis

Rishi Sunak has been under pressure to do more to help struggling households deal with surging costs.

Chancellor Rishi Sunak is delivering his spring statement in the Commons (Aaron Chown/PA) (PA Wire)

Chancellor Rishi Sunak is outlining his spring statement amid pressure to do more to help struggling households.

Hours before he stood up in the House of Commons, new figures showed inflation soared to a 30-year high of 6.2% in the 12 months to February.

Rising energy, goods and food prices helped push inflation up, with many of those costs continuing to rocket and Britain facing a cost-of-living crisis.

Here is the latest:

12.35pm

Boris Johnson was pressed on the cost of living during PMQs in the Commons prior to Mr Sunak’s speech.

SNP Westminster leader Ian Blackford warned of a “poverty pandemic” and asked the Prime Minister “to match the Scottish Government’s commitment and lift all benefits by 6%”.

The PM responded: “We all recognise inflation, global inflation, is causing a real cost-of-living crisis, not just here but around the world.

“We are doing everything we can to help people. The Chancellor has put another £9.1 billion into reducing the cost of energy for families.”

12.25pm

On rising Consumer Prices Index inflation, the Office for National Statistics (ONS) said it increased across 10 out of the 12 categories that feed into the index, with only communication and education not seeing rises.

Food prices have picked up as the global supply chain disruption and inflation pressures have begun to feed down to the supermarket shelves, with prices rising on a range of staple goods.

But the ONS said the UK is “not alone” in suffering surging costs, with Britain’s measure of CPI broadly in line with that seen in Europe, while it has been rising even faster in America – reaching 8.1% in December.

(PA Graphics) (PA Graphics)

12.15pm

Mr Sunak has admitted the financial outlook is “challenging” because of soaring inflation and the Russian invasion of Ukraine, Downing Street has said.

No 10 said he provided an update on the economic situation to ministers during Wednesday morning’s Cabinet meeting.

A statement read: “The Chancellor… said that throughout the pandemic, the Government has shown the British people we are on their side and we will continue to stand by them through the uncertainty that we now face.

“He described how the sensible management of the public finances enabled the Government to step in and help people with £9 billion of support for their energy bills in February.

“He said that this Government would continue to take a responsible and sustainable approach in order to be able to grow a stronger, more secure economy for the future.”

(PA Graphics) (PA Graphics)