Scant help from Sunak in grim times makes one suspect he’ll soon be back with more

YOU may not have noticed but we had a ‘Spring Financial Statement’ (that is a Budget) last week.

I know there is a lot going on besides.

Today for instance there are further peace talks between Ukraine and Russia, whilst the dreadful war continues.

The first fines for attending parties at Number 10 during lockdown are being sent out, though probably not to the Prime Minister, yet.

And anyway, the Budget is now split in two, spring and autumn, so that it’s not such a big occasion.

But most people who noticed the Budget were seriously unimpressed with the Chancellor of the Exchequer’s effort.

Because at a time of soaring prices, tax increases and with National Insurance rising, this was a squeak rather than a thunderclap.

To be far to the Chancellor he did give a little money away.

Petrol and diesel went down by about 5p a litre.

People will keep around £300 more of their earnings before they start paying National Insurance.

And he also promised an income tax cut of 1% - but that I will be in two years’ time.

The 5p off tax on fuel is welcome.

But the actual price has jumped by around 40 p. (I have just paid 1.79 a litre at a motorway service station). And the price for fuels everyone uses, gas and electricity are going to soar next month.

The starting point of National Insurance is going up. But the actual rate of NI is going up too, one almost cancelling the the other.

Income tax may come down in 2024. (I can’t be the only one to point out that this is around the probable date of the next general election).

But at the same time growth in the economy is feeble, particularly compared to similar countries in the rest of Europe.

And worst of all I think, inflation is going up to 7.4% whilst wages and benefits lag far behind.

So, this means a cut in the value of your earnings.

In fact, we are heading for the biggest fall in standard of living for decades, whilst the tax burden is the highest since the 1950s. This is all very grim. Which is why I suspect that the Chancellor will be back with more, long before the expected Autumn Statement.