UK Finance Minister Rishi Sunak’s budget announcement

Rishi Sunak: U.K. Finance Minister Sunak Rishi is announcing a new government budget in his Spring Statement.

The Office for National Statistics said consumer prices rose by 6.2% year-on-year in February after a 5.5% rise in January, its highest rate since March 1992.

A planned 10% increase to National Insurance (a tax on earnings) kicks in for many workers in April while at the same time the U.K.’s energy price cap soars 54% to accommodate higher costs of oil and gas

UK Finance Minister Rishi Sunak

exacerbating the squeeze on household income as consumer prices continue to head north. British inflation shot up faster than expected last month to hit a new 30-year high

The Office for National Statistics said consumer prices rose by 6.2% year-on-year in February after a 5.5% rise in January, its highest rate since March 1992.