Yahoo Finance Spring Statement: Rishi Sunak vows to 'stand by' hard-working families
Chancellor Rishi Sunak has pledged to “stand by hard-working families”, as Britain faces an unprecedented cost of living squeeze thanks to rising inflation and soaring energy and food bills.
It comes as the finance minister is expected to unveil his spring statement on Wednesday that builds a “stronger, more secure economy” for the UK.
He will also set out further plans to support households amid growing pressures exacerbated by the war in Ukraine.
Sunak is set to say that freedom and democracy remain “the best route to peace, prosperity, and happiness”, and that a strong economy is fundamental in enabling the UK to counter the threat Russia poses to British values.
He will add that a stronger economy is vital in responding to the threat of Vladimir Putin.
Read more: Can Rishi Sunak rescue the UK from a cost of living crisis?
“We will confront this challenge to our values not just in the arms and resources we send to Ukraine but in strengthening our economy here at home. So when I talk about security, yes — I mean responding to the war in Ukraine,” Sunak is expected to say.
“But I also mean the security of a faster growing economy. The security of more resilient public finances. And security for working families as we help with the cost of living.”
The chancellor's statement will set out how the government plans to create a new culture of enterprise, with more private sector training, investing, and innovating.
It will build on government current support worth around £21bn ($28bn) this year and help families with the cost of living.
This includes the £9.1bn Energy Bills Rebate, which the government said will put an annual average of around £1,000 more into the pockets of working families via changes to universal credit (UC) and freezing fuel and alcohol duties to keep costs down.
Read more: Spring statement: How will fuel duty cut impact UK petrol and diesel prices?
The government is also raising the national living wage to £9.50 per hour from April, meaning people working full time on the national living wage will see a £1,000 increase in their annual earnings.
In addition to this, the government's Plan for Jobs is also helping people into work and giving them the skills they need to progress, the Treasury Department said.
The chancellor will deliver his spring statement on Wednesday at 12:30pm.