Rolling coverage of the latest economic and financial news
John Healey has pledged to provide households with “breathing space” from the rising cost of living pressures.
And the Treasury has just announced a new measure to help – the government is removing standing charges from household gas bills in the UK.
“Gas standing charges are unfair and outdated so I am scrapping them to give millions of households a bit of breathing space.
“My Budget will draw a line in the sand on an energy policy that has failed British billpayers for years, letting extra costs on bills pile high and leaving households even more exposed to global shocks.”
“Conflicts abroad are pushing up energy prices, and the cost of living here at home – piling pressure on the families, on businesses and on our public finances.”
“No investor we spoke to contemplated a risk of the fiscal headroom coming in at below £15 billion, and most we spoke to said that even £15 billion (our base case) would be a disappointment, with consensus in recent days shifting towards between £15 billion and £20 billion.”
12.30pm GMT: The budget statement begins
1.30pm GMT: Office for Budget Responsibility releases its latest economic and fiscal outlook
2.30pm GMT: Office for Budget Responsibility press conference
