Spring statement: What can we expect from Rishi Sunak after UK costs rocket in fastest rise for 30 YEARS

The Chancellor will unveil his spring statement today which will affect every household in the UK.

Rishi Sunak will vow to 'stand by' British families through the deepening cost of living crisis as he makes announcements on several key issues. It has been suggested he may look to ease the burden on the taxpayer by cutting fuel duty and raising the income threshold at which people begin to pay national insurance.

But it is also anticipated he will tell MPs in the Commons that having a strong economy is vital in tackling Moscow’s aggression towards Ukraine. It comes as on Wednesday morning, it was announced that inflation and UK prices rose by 6.2% in the 12 months to February - the fastest rise for 30 years - after fuel bills, energy prices and food costs rocket.

READ MORE: Martin Lewis says 'catastrophic' cost of living rise is worst UK has faced in 22 year

So, what can we expect from his statement? Here are some of the key points, according to the PA news agency.

Arguably one of the easiest ways to win over voters and support households with the cost of living crisis would be via a cut to fuel duty – and it has been suggested that Mr Sunak is likely to take this path.

The Government has frozen the duty for 11 years, but there are now calls to reduce it – as oil prices hit highs on the back of the Ukraine conflict and prices at the pumps soar to record levels. The Chancellor is reportedly gearing up to announce a temporary cut to the duty of up to 5p per litre in his statement.

Figures from data firm Experian Catalist show the average price of a litre of fuel at UK forecourts on Sunday was 167p for petrol and 179p for diesel, amounting to an increase of 18p for petrol and 26p for diesel over the past month.

Labour has