Don’t expect much from Rishi Sunak’s Spring Statement, writes the BBC's faisalislam
The statement that is coming on Wednesday was originally intended to be no more than an economic update, alongside the new forecast from the Office of Budget Responsibility.
The most important text ahead of the chancellor's statement, is his Mais lecture from last month. He used it to push back against the idea that the size of the British state would be left bigger forever.The main area of household economic stress - domestic gas and electricity bills - will be dealt with at a later date. The official cost of the government package designed to lessen the burden of next month's record rise, will be revealed.
There is scope to cut back fuel duty on petrol and diesel by a few pence - however, pump prices will still feel like they are at a record, with an average diesel tank costing close to £100. The effect of some of the national insurance rise on low and middle earners could be unpicked by a rise in the threshold over which it is paid. But, to be clear, these are slightly smaller rises in taxes, not tax cuts.The problem for the exchequer is that acknowledging the reality of 8% inflation rates for national insurance thresholds, points to doing the same for universal credit and for public sector pay.
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