Rishi Sunak is set to lay out his spring statement today, as fuel prices hit new record highs.

On Wednesday morning it was announced that UK inflation had been set soaring higher in February.

The Office for National Statistics (ONS) said Consumer Prices Index (CPI) inflation rose to 6.2% in February, up from 5.5% in January and again reaching the highest level since March 1992, when it stood at 7.1%.

The rise was higher than expected and comes after prices lifted across food, clothing and footwear and a range of products and services.

What to expect from Rishi Sunak’s spring statement

It has been suggested Mr Sunak may look to ease the burden on the taxpayer by cutting fuel duty and raising the income threshold at which people begin to pay national insurance.

The Financial Times reported on Tuesday evening that forecasts in the statement will show the deficit is better than expected this year, to the tune of £20 billion.

However, the newspaper said Mr Sunak is planning to set aside a large part of this windfall cash – rather than investing the full sum in driving down the cost of living.

Mr Sunak is expected to outline further plans to support households facing financial hardship, with the FT, The Times, The Telegraph and The Guardian all reporting that these are predicted to include a cut to fuel duty.

When is Rishi Sunak’s announcement?

His speech will follow Prime Minister’s Questions at 12pm. It is expected Mr Sunak will begin at around 12.30pm today.

You will be able to watch the spring statement on the UK Parliament YouTube channel and Parliament TV.

It will also be shown live on BBC and Sky News, as well as being streamed on BBC iPlayer and the Sky News Youtube channel.