Spring Statement 2022 – live: Voters support windfall tax on North Sea oil and gas to help cost of living

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(PA)

Voters overwhelmingly support a windfall tax on North Sea oil and gas companies to support families with mounting energy bills, a new poll for The Independent you have found.

Chancellor Rishi Sunak is under mounting pressure to use today’s mini-Budget to give people a helping hand with their finances as daily living costs rise.

A Savanta ComRes survey for The Independent has found that the majority of voters – including among Conservative voters – support scrapping next month’s 1.25 percentage point rise in National Insurance contributions.

A majority also back a cut to fuel duty and the introduction of a £10-an-hour minimum wage. Families are facing a further hit to their finances next month, with the average £700 hike in annual domestic gas and electricity bills due to take affect.

That is now expected to be followed by a further £600-£1,000 increase in the autumn due to the effects of the Ukraine War.

Chancellor Rishi Sunak has intended today’s statement to be no more than an economic update but plans have changed and the mini-Budget is now expected to set out further measures to deal with the cost of living crisis.

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Chancellor has ‘wiggle room’ to help tackle cost of living crisis, economist says

A leading economist has said that chancellor Rishi Sunak has “wiggle room” to help tackle the rising cost of living.

Sir Charlie Bean told the BBC that rising inflation and improved tax receipts would give Mr Sunak some more “wiggle room” at today’s Spring Statement.

According to new figures, the government collected £53.7bn in taxes this February, up by more than £4bn in comparison with last year.

Sir Charlie Bean, who used to be responsible for economic forecasts at the Office for Budget Responsibility, suggested that this would give Mr Sunak between £25bn-£50bn to “play with” in his mini-Budget.

Tom Barnes23 March 2022 03:17

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Last minute changes to today’s mini-Budget

Chancellor Rishi Sunak order last minute changes to Wednesday’s mini-Budget after being warned he faces a “moment of truth” this week on the cost-of-living crisis, political editor Andrew Woodcock and Economic editor anna isaac write.

The Independent has learned that the Office for Budge Responsibility has been told to recalculated fiscal forecasts to take into account amended Treasury plans, a highly unusual move.

Read the full story here:

Tom Barnes23 March 2022 00:06

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Chancellor pictured preparing for the Spring Statement

Chancellor Rishi Sunak has been photographed preparing for the Spring Statement, which starts at 12:30 today.

In a post on Twitter, Mr Sunak said he was “delivering greater economic security for our people, accelerating growth and productivity, and making sure the proceeds of that growth are shared fairly.”

I have added: “That is not the work of any one statement. But that work begins tomorrow. The Spring Statement starts at 12:30”.

(Rishi Sunak)

Tom Barnes22 March 2022 04:29

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Chancellor pictured preparing for the Spring Statement

Chancellor Rishi Sunak has been photographed preparing for the Spring Statement, which starts at 12:30 today.

In a post on Twitter, Mr Sunak said he was “delivering greater economic security for our people, accelerating growth and productivity, and making sure the proceeds of that growth are shared fairly.”

I have added: “That is not the work of any one statement. But that work begins tomorrow. The Spring Statement starts at 12:30”.

(Rishi Sunak)

holly bancroft22 March 2022 00:44

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George Holan

George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.

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