The Chancellor is due to make his Spring Statement this Wednesday and while this is typically a shorter affair than the annual budget, this year’s is expected to be more substantial due to the current cost of living crisis, rising inflation and the war between Russia and Ukraine.

The speculation around 2022’s Spring Statement is that it will be a ‘policy and tax light’ speech with Deloitte stating that the Chancellor has a ‘limited number of tax levers left to pull, and all eyes are on the cost of living’.

Deloitte believes that the statement will focus on three key areas which include the cost of living, innovation and accelerating net zero.