How will Rishi Sunak's spring statement affect me? How today's major announcements will hit your bills

On Wednesday (23 March) Rishi Sunak delivered his Spring Statement in the House of Commons, as the cost of living crisis deepens. Just hours before the statement, it was announced that inflation and UK prices rose by 6.2 per cent in the 12 months to February.

It is the fastest rise for 30 years after fuel bills, energy prices and food costs rocketed. Fuel prices also hit a new high on Wednesday morning, with the latest data from Experian Catalist showing the average cost of a litre of petrol at UK forecourts was 167.3p.

Meanwhile, the average cost of a litre of diesel was 179.7p. Chancellor Rishi Sunak said ahead of his address in the Commons that the economic outlook was “challenging” given the “global shocks we are facing” from the Ukraine war and rising inflation, Downing Street has said.

READ MORE: Andy Burnham responds to Rishi Sunak's spring statement

He also announced that inflation is predicted to rise further, but Mr Sunak added that "people should know, that we will stand by them." Here are the key points Rishi Sunak made in his Spring Statement - and what they mean for you.

Mr Sunak announced that fuel duty will be cut by 5p a litre, in what he says is the 'biggest cut to all fuel duty rates ever.' It comes into place from 6pm on Wednesday 23 March and will last for 12 months, until March 2023.

Sky News reported that it currently costs £91.87 to fill a 55-litre tank, so a 5p cut in the fuel duty is likely to lead to a 6p saving per litre and £3.30 saving per average family tank. Motorists have been hit by record pump prices after an increase in the cost of oil following Russia’s invasion of Ukraine led to supply fears.

Figures from data firm Experian Catalist show the average cost of a litre of petrol at