UEA Prof. explains what we can expect from today's Spring statement
It's understood Rishi Sunak will be looking to cut fuel duty and increase National Insurance, among other things
The Chancellor is going to be unveiling the Government's 'Spring Statement' after midday today- and it's a chance for Rishi Sunak to make a few tweaks and changes to his earlier Autumn budget.
That's according to Dr Mike Brock, an economist from the UEA: "The Spring Statement is like a half-time option to make changes relative to how the economy has been performing half way through a given year.
"So if you like the statement is a chance to make a changes based on the longer-term plan you'd put in for the year, as part of the last budget".
Rishi Sunak is speaking in the Commons after Prime Minister's Questions and it's understood he'll be looking to cut fuel duty and increase National Insurance, among other things.
Dr Brock told us there's an elephant in the room, that the Chancellor just can't ignore: "The cost of living is just a massive issue, we're seeing huge rises in fuel and energy that would have happened anyway, but issues that are being exacerbated by the conflict in Ukraine.
"Then of course on top of that we're seeing that feeding into other areas of increased cost of living like food- staple items that we all need to buy.
"As much as having high-levels of inflation is often problematic for a Government, the kind of goods this is tackling, the kind of things that we all need to buy, makes this an even bigger problem.
"So, this is why the Chancellor has to make some tactic changes in terms of how they try and address these problems that everyone is feeling"
But he told us there's no silver-bullet Mr Sunak can call upon to resolve the cost of living crisis: "These measures aren't going to necessarily fully off-set the whole amount that the average person is paying.
"But what it will look to do and what the Government feels it might be possible to do, is target where it can make changes to those who are going to be most exposed to the rising cost of living".