Rishi Sunak is set to give an update on the state of the economy in the UK later today amid an ever worsening cost of living crisis.
The Tory Chancellor is under increasing pressure to help families who are struggling to make ends meet ahead of a rise in household bills at the start of next month.
With the average pump price hitting another record high Sunak is believed to be contemplating slashing fuel duty by 5p in a bid to help.
National Insurance, inflation and energy bills are all set to rise in April, outstripping pensions, benefits and wage rises.
Sunak is being urged by his own MPs and opposition leaders to use the Spring Statement to help those who are in desperate need of assistance to get through the next couple of months.
With pressure mounting on Sunak to act, he told the BBC on Sunday that "of course" he was prepared to step-in to help those on tightly-squeezed budgets.
However, the No 11 incumbent added that he "can't solve every problem" as he conceded Britons faced a "difficult" time amid ballooning inflation.
Here's all you need to know about the Spring Statement:
When is the Spring Statement?
The Chancellor will get to his feet in the House of Commons today, Wednesday, March 23 at around 12.30pm after Prime Minister's Questions.
He is expected to give a lengthy speech to MPs then take questions from the opposition and his fellow Tories.
Following the statement documents giving more detail will be published online.
Where can I watch?
Rishi Sunak's speech will be available on a number of platforms.
The Daily Record Politics team will have a dedicated live blog on the statement, while the BBC will air a special Politics Live show on BBC Two which starts at 11.15am.
Sky News will also show the Chancellor's statement.
What is the Spring Statement?
The Spring Statement is an annual update to the House of Commons on the situation facing the economy in the United Kingdom.
It is not as big as a Budget but does normally include changes to tax and spending across the country.
This year's statement will take on added significance due to the current cost of living crisis.
What can I expect?
Rishi Sunak could slash fuel duty by around 5p in a bid to help motorists with costs at the pumps.
On Monday, Health Secretary Sajid Javid refused to say whether he would support a cut in fuel duty after it was reported Chancellor Rishi Sunak would announce the measure in his spring statement on Wednesday.
Forecourt prices have risen sharply since Russia's invasion of Ukraine, with global oil prices spiking.
The latest figures show average prices are a record 165.9p per litre for petrol and 177.3p per litre for diesel.
There are reports Sunak could raise the threshold at which people start paying National Insurance.
The Times said the move would take an estimated 150,000 people out of paying next month's planned 1.25 percentage point NI contribution rise.
April's increase is designed to pay for clearing the NHS backlog caused by the pandemic as part of a health and social care levy.
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