The Chancellor has unveiled a package of economic support measures as households face a spiralling cost of living crisis.

Brits are facing a huge squeeze on their budgets amid soaring fuel and energy costs, but Rishi Sunak’s measures will only do so much to cushion the blow.

He’s faced great pressure to help people cope with soaring inflation, but the Treasury also wants to claw back money for health and social care after two years of the Covid pandemic.

A surge in demand of energy and less production following the Covid pandemic has sent global gas prices soaring – which has been made worse by the invasion of Ukraine.

This is why UK regulator Ofgem is increasing its price cap by 54% next month in order to help energy companies stay afloat.

If you were left wondering how today’s announcements will affect you, this online calculator created by accountants Blick Rothenberg should give you an idea of whether today’s Spring Budget will leave you better or worse off.

All you have to do is input details about your income, age, family and lifestyle and it will work out the rest.

Perhaps the biggest highlight of his budget today was raising the National Insurance threshold by £3,000 this year.

This amounts to a £6billion tax cut for 30 million people, the Chancellor told MPs in the Commons.

Sunak also said the basic rate of income tax would be slashed from 20% to 19% by the end of this parliament – which means by 2024.

Fuel duty is being cut by 5p per litre as expected, which should result in a saving of £3.30 when refilling an average 55-litre family tank.

Sunak didn’t slash VAT on energy bills as many had hoped, but he is scrapping it for energy efficiency measures such as solar panels, heat pumps and insulation installed for five years.

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There was also no mention of raising benefits such as Universal Credit in line with inflation.

The Chancellor told Cabinet that the economic outlook was ‘challenging’ given the ‘global shocks we are facing’ from the Ukraine war and rising inflation.

A rise in demand for fuel following the pandemic, paired with a drop in production, was made all the worse by Russia’s invasion of its neighbour.

Meanwhile inflation has hit its highest level in 30 years, jumping from 5.5% in January to 6.2% as of today.

It means the cost of everyday and essential goods is going up, as petrol prices at pumps have risen by 11% over the past month.

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