News and entertainment worth sharing – York and North Yorkshire

Chancellor’s spring statement – live

York live

Here are all the details as they come in of Rishi Sunak’s response to the cost of living crisis

• Key updates

Refresh for latest updates

Underlying debt to fall – but borrowing costs to rise

Rishi Sunak said underlying debt is expected to fall steadily from 83.5% of GDP in 2022/23 to 79.8% in 2026/27.

He added borrowing as a percentage of GDP is 5.4% this year, 3.9% next year, then 1.9%, 1.3%, 1.2% and 1.1% in the following years.

Mr Sunak told MPs:

The OBR has not accounted for the full impacts of the war in Ukraine and we should be prepared for the economy and public finances to worsen – potentially significantly. And the cost of borrowing is continuing to rise.

In the next financial year, we’re forecast to spend £83 billion on debt interest – the highest on record. And almost four times the amount we spent last year

Mr Sunak said that is why he will continue to “weigh carefully” calls for additional public spending.

The economy set to ‘worsen, potentially significantly’ due to the Ukraine war

Chancellor Sunak has said the nation must prepare for “the economy and public finances to worsen, potentially significantly” because of the impacts of Russia’s invasion of Ukraine.

Here’s Rishi Sunak on fuel prices

Household Support Fund doubled

Mr Sunak said he is doubling the Household Support Fund to £1 billion – this is the fund which allows councils to help poorer families.

VAT scrapped on energy efficiency measures

Mr Sunak said he will scrap VAT on energy efficiency measures such as solar panels, heat pumps and insulation installed for five years.

This could cut the cost of having a solar panel installed by £1,000.

Fuel duty cut by 5p a litre

The Chancellor has announced a cut to fuel duty of 5p per litre, lasting until March next year.