Chancellor Rishi Sunak is set to outline his spring statement amid pressure to do more to help struggling households.

Hours before he was due to stand up in the House of Commons, new figures showed inflation soared to a 30-year high of 6.2% in the 12 months to February.

Rising energy, goods and food prices helped push inflation up, with many of those costs continuing to rocket and Britain facing a cost-of-living crisis.

12.15pm

Mr Sunak has admitted the financial outlook is “challenging” because of soaring inflation and the Russian invasion of Ukraine, Downing Street has said.

No 10 said he provided an update on the economic situation to ministers during Wednesday morning’s Cabinet meeting.

A statement read: “The Chancellor… said that throughout the pandemic, the Government has shown the British people we are on their side and we will continue to stand by them through the uncertainty that we now face.

“He described how the sensible management of the public finances enabled the Government to step in and help people with £9 billion of support for their energy bills in February.

“He said that this Government would continue to take a responsible and sustainable approach in order to be able to grow a stronger, more secure economy for the future.”