Rishi Sunak will unveil his spring statement on Wednesday where attention is set to focus on how the Chancellor will support households through the cost of living crisis.
People’s confidence in the economy is at its lowest level since 2020, new research has found ahead of the announcement.
Just one in 10 people believe the economy will improve over the next 12 months – and nearly three-quarters (74 per cent) think the situation will get worse, according to Which?
The consumer group, which commissioned a survey of 2,000 people, said overall confidence levels are their lowest since October 2020.
More than half (54 per cent) of people said their household has had to make a financial adjustment – such as cutting back on essentials or dipping into savings – to cover essential spending in the past month.
One in 20 consumers said their household had missed a bill payment.
The most common types of missed bills were energy bills, phone bills, and water bills.
Rishi Sunak said he will deliver “greater economic security” in his spring statement.
Laying out a series of statements he said he wants to make sure the proceeds of accelerated growth are “shared fairly”.
But Labour, never one to miss a social media opportunity, took the opportunity to give the photo a cheeky edit.
National Insurance rates are set to rise from 1st April to help fund health and social care.
The rise means employees, employers and the self-employed will all pay 1.25p more in the pound.
In Mr Sunak’s two years in his role he has overseen hundreds of billions in Covid-related government spending through furlough payments, business grants and testing.
He has also been at the helm as taxation as a share of the economy has risen to its highest level since the 1950s.