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Rishi Sunak
(Image credit: Tolga Akmen/AFP via Getty Images)

Rishi Sunak unveiled his Spring Statement this week as Britons face a significant drop in their living standards owing to the rising cost of fuel, energy and food.

As the cost-of-living crisis escalates, Sunak was under pressure to take an ambitious approach in his “mini budget”. The chancellor produced a few rabbits out of the Treasury’s hat, including a cut in fuel duty, a rise in the National Insurance (NI) threshold and a promise to cut the basic rate of income tax by 2024.

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