Spring Statement: Key points at a glance

The contents of Chancellor Sunak's Spring Statement have been made public.

He has come under increasing pressure to act, with prices rising 6.2% in the 12 months to February, the fastest for 30 years.

The chancellor said that the forecast for the UK's economic growth was 3.8% for this year and 1.8% in the years to come.

The main points are summarized here.

• The UK economy is forecast to grow by 3.8% this year, according to the Office for Budget Responsibility, a sharp cut from its previous prediction of 6.0%
• The economy is then forecast to grow by 1.8% in 2023 and 2.1% in 2024
• The annual inflation rate was 6.2% in February, and is likely to average 7.4% for the rest of this year, but with peak of 8.7% in the final quarter of 2022
• The unemployment rate, which is currently at 3.9%, is now predicted to be lower in every year of the OBR's forecast.
• The number of people employed between now and 2027 is expected to be 400,000 lower than before the pandemic. This is because of early retirements, long-term sickness and fewer workers arriving in the UK
• Borrowing as a percentage of GDP is expected to fall from 83.5% of GDP in 2022/23 to 79.8% in 2026/27
• The government is forecast to spend £83bn on debt interest in the next financial year, the highest on record

• Fuel duty will be cut by 5p per litre until March 2023
• Homeowners installing energy efficiency materials such as solar panels, heat pumps, or insulation installed will not pay VAT
• Local authorities will get another £500m for the Household Support Fund from April, creating a £1bn fund to help vulnerable households with rising living costs

• The income threshold for at which point people start paying National Insurance will rise to £12,570 in July, which Mr Sunak said was tax cut for employees worth over £330 a year
• Mr Sunak pledged to cut basic rate of income tax from 20p to 19p in the pound before the end of this Parliament
• The Employment Allowance, which gives relief to smaller businesses' National Insurance payments, will increase from £4,000 to £5,000 from April