The Chancellor has today unveiled the government's mini budget, amidst mounting pressure to address the growing cost of living crisis.  

Chancellor of the Exchequer, Rishi Sunak, gave his Spring statement to the House of Commons under the backdrop of rising fuel prices and inflation. 

A cut to fuel duty of 5p per litre until March 2023 was part of the announcement. This reduction will take prices back to where they were just over a week ago. 

READ MORE: Halifax bank in Wokingham announces closing date

A spokesperson for the RAC said: "With the cut taking effect at 6pm tonight drivers will only notice the difference at the pumps once retailers have bought new fuel in at the lower rate. 

"There's also a very real risk retailers could just absorb some or all of the duty cut themselves by not lowering their prices.” 

If implemented tonight by the retailer, this cut would mean the cheapest petrol and diesel prices in the Wokingham and Bracknell area could be found at the Cleckheaton Tesco at 155.9p and 178.9p per litre respectively. 

On taxation, Sunak confirmed that the income threshold for when people start paying National Insurance will rise by £3,000 to £12,570 in July.  

He also pledged to cut the basic rate of income tax from 20 percent to 19 per cent, by 2024  

READ MORE: Wokingham councillor slams MPs second jobs

The Office for Budget Responsibility (OBR) has said UK households are, this year, set to see the biggest drop in their spending power since records began in 1956. 

MP for Wokingham, John Redwood, said: “[The OBR] cut their borrowing forecast for this year by £50bn at the half year stage. Now they've cut it by £55bn more. 

“The Treasury found £105bn it was not expecting over the course of the year. They should have given more of this back to taxpayers to tackle the cost-of-living crisis.” 

On living costs, the Chancellor has announced, from April, a further £500m for local authorities to go towards the Household Support Fund and a VAT exemption for homeowners installing solar panels, heat pumps, or insulation. 

READ MORE: Ban on Sunday driving and motorway speed limit reduction to tackle reliance on oil

Liberal Democrat parliamentary candidate for Wokingham, Clive Jones, said: “The stark figures were buried in the small print of today’s OBR report accompanying the Spring Statement.

"It finds that the net impact of the tax policies announced by Rishi Sunak since March 2020 will mean tax receipts are £43.8 billion higher in 2024-25. 

"Families need help, not tax rises. So what on earth is the Chancellor playing at? Many people are on the brink and need a lifeline today.” 

During his statement, Sunak referenced the latest OBR estimates for the UK this year which include, a spend of £83bn on debt interest, inflation forecast to average 7.4 per cent and growth expectation downgraded from 6 per cent to 3.8 per cent.