What could be announced in today's Spring Statement?
The Chancellor Rachel Reeves will speak in the Commons at around lunchtime.
Last updated 8 hours ago
The Chancellor's Spring Statement today is likely to be a much calmer affair than the autumn budget, which last year came after weeks of leaks and speculation about what fiscal measure's Rachel Reeves would likely take.
This afternoon's Spring Statement is due at lunchtime and set to only take 20 minutes, outlining economic forecasts.
The Office for Budget Responsibility will also publish its economic and fiscal forecast.
Ministers, including the Chancellor, have repeatedly sought to play down the significance of the spring statement, and have said it will not contain any new tax and spend policies.
The Government has promised to restrict itself to one “fiscal event” a year where it sets out such policies, that being the budget in the autumn.
What might the Chancellor announce?
The Government is set to insist it has the "right economic plan for the country" with the Chancellor expected to say the economy is "stronger and more secure" as a result of their decision-making.
Ms Reeves will point to falling inflation and interest rates cuts as successes which have resulted in an easing of living pressures.
But the statement comes just weeks after the Bank of England downgraded its growth rating for the UK economy.
Speaking in Parliament on Tuesday, the Chancellor will say: “This Government has the right economic plan for our country… in a world that has become yet more uncertain.
“Stability in the public finances, investment in infrastructure and reform to our economy.
“Building growth not on the contribution of a few people or a few parts of the country, but in every part of Britain with a state that doesn’t stand back, but steps up.”
Ms Reeves will later add: “Because of the decisions we have already taken, we have a stronger and more secure economy. Inflation and interest rates falling. And in every part of Britain, working people are better off.”
Rachel Reeves has been urged to scrap the proposed hike in fuel duty as concerns have been raised about the conflict in the Middle East.
Last year it was announced that the long-held discount in fuel duty would be scrapped from September, with a 1p hike followed by two increases of 2p each in subsequent years.
But following the US and Israeli attacks on Iran at the weekend - which killed the country's Supreme Leader Ayatollah Ali Khamenei - concerns have been raised about the impact of oil price hikes which could hit consumers at the pumps.
Following the attack, the price of oil jumped to 80 US dollars a barrel, with some analysts suggesting it could rise above 100 dollars.
Speaking ahead of the spring statement, SNP economy spokesman Dave Doogan said: ""With real fears that prices at the pump are now set to soar because of the situation in the Middle East - instead of stubbornly doubling down, the Chancellor needs to scrap her price hike plans before motorists face a devastating double hit.
"Oil prices are already spiking - the last thing motorists and businesses now need is another damaging tax hike from the Labour Party.
"The Chancellor needs to see sense, recognise what is unfolding globally, and immediately scrap her plans to hike prices at pumps.
"Everyone knows that Keir Starmer's Labour Party has broken their promise to cut energy bills by £300 - it would be another slap in the face for families if Labour made the cost-of-living crisis even worse with a plan that will inevitably increase prices.
"After 14 U-turns from this chaotic Labour Government - scrapping their plans to hike fuel duty is one U-turn motorists, businesses and families right across Scotland would actually welcome."
A spokeswoman for the Treasury said: “We have extended the 5p fuel duty cut from this month to the end of August to support drivers across the country.”
What do opposition parties want to see?
Opposition parties have been calling for the Government to make significant interventions today.
The Liberal Democrats want the Government to use Tuesday’s statement to publish an impact assessment of the pharmaceuticals deal with the US.
The agreement means the US does not impose tariffs on British made drugs, but in return the UK pays more for access to American medicines.
The Lib Dems commissioned polling which found the British public want the deal to be abandoned, and for cash spent on US medicines to be spent directly on care in the UK.
The majority of Labour respondents also felt the same, the representative poll of some 2,255 people between January 30th and February 2nd, also found.
Liberal Democrats health and social care spokeswoman Helen Morgan said: “The British public deserves to know why the Chancellor is signing a blank cheque for Donald Trump while our own NHS is at breaking point. Labour may want to pull the covers over their head after such an embarrassing by-election last week, but they have to stop hiding from the country and face the music.
“This pharma deal looks like a secretive surrender that puts Trump’s whims ahead of British patients. We cannot have a situation where money is drained from GP surgeries and hospital wards to pay for a Maga tax that the British people have had no say over whatsoever.”