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Sunak urged to act on living costs crisis

marcfaubeau

The Times says that while it was not meant to be a mini-Budget, Rishi Sunak’s Spring Statement is expected to deliver policies to help households and businesses tackle the rising cost of living, with it suggested tax breaks might be among measures the Chancellor will announce. The Office for Budget Responsibility is expected to forecast slower growth and higher inflation over the next five years, pushing up the Government's total borrowing bill by raising the cost of servicing its debt. Economists at EY believe total public sector borrowing will rise from an expected £83bn to £100bn in 2022/23. Meanwhile, there are calls from some quarters for the Chancellor to scrap April’s 1.25% rise in National Insurance, while the Federation of Small Businesses has urged Mr Sunak to raise the employment allowance from £4,000 to £5,000 in a bid to help reduce employers’ hiring bills.

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