Our online political editor Dan Bloom will be joined by consumer expert Lynn Beattie, who runs the Mrs Mummypenny blog, on the Daily Mirror Facebook page from 1pm on Thursday to discuss the “mini Budget”
Chancellor Rishi Sunak has just delivered his Spring Statement – and it couldn’t have come at a more crucial time.
The UK is in the middle of a cost of living crisis, with everything from energy to food shops rising in price.
Just hours before Mr Sunak addressed the Commons, inflation was confirmed to have surged to 6.2% – a 30-year high with further hikes expected.
But did the Spring Statement go far enough in alleviating the cost pressures being faced by families?
Or should more be done to help working Brits?
To help you work out what it all means for your money, join us LIVE on Thursday (March 24) as our experts dissect the Spring Statement.
PRU/AFP via Getty Images)
Our online political editor Dan Bloom will be joined by consumer expert Lynn Beattie, who runs the Mrs Mummypenny blog, on the Daily Mirror Facebook page from 1pm on Thursday.
We’ll be taking your questions live – you can do this by dropping us a comment during the Facebook Live – or you can email us at [email protected]
We want to hear your views, including whether you’re happy with what was announced or if it won’t help you at all.
Let us know if you think anything was missed out, or if you think there is a better way to beat the cost of living crisis.
Our Cost of Living team of experts are here to help YOU through a very difficult year.
They’ll be bringing you the latest money news stories and also providing specialist advice.
Whether it’s rocketing energy bills, the cost of the weekly shop or increased taxes, our team will be with you all the way.
Every Thursday at 1pm they will take part in a Facebook Live event to answer your questions and offer their advice. Visit facebook.com/dailymirror/live to watch. You can read more about our team of experts here.
If you have a question – or want to share your story – please get in touch by emailing [email protected]
Some of the measures announced by Mr Sunak today included a 5p-per-litre cut in fuel duty at a time when petrol prices are rising.
Fuel duty is included in the price drivers pay at the pumps, with VAT at 20% charged on top of the total price.
The rate will be reduced from 57.95p per liter to 52.92p from 6pm this evening until March next year.
The Chancellor also today confirmed he is raising the threshold for when people start paying National Insurance by £3,000 this year.
The new level will be £12,570, coming into effect from July, and comes on top of a 1.25 percentage point hike in National Insurance from April.
Meanwhile, income tax is being cut by 1p – a drop from 20p to 19p in the pound – in the first reduction of its kind in 16 years.
This is a tax you pay on your earnings. At the moment, you pay nothing on earnings of up to £12,570 a year if you’re a “basic rate” taxpayer.
But the cut won’t come into effect until April 2024 – meaning it won’t provide any relief for families struggling right now in the cost of living crisis.
George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.